Basically without a lease how would we go forth with the tenants?

Sorry to hear you troubles Nate.I CRINGE when I always hear an investor say I bought a "turn key" investment.So far I have never heard of one turning out good but I am sure one exists.Those kinds of repairs costs can be normal.Especially if you have an older property that is being rented out more things will go wrong on a daily basis and it will be more management intensive.The item in your management agreement I am sure will be deemed and enforceable part of the contract unless it is deemed "vague and not descriptive and un-enforceable" by a court of law.Often these "turn key" investments are not deals at all as capital reserves and upfront repairs are misrepresented.I equate it to "lipstick on a pig".

It's basically manipulating an agency relationship, facilitating a sale or lease for a fee and in Mo. as well as other states can get you nailed if any part of your deal blows up.

Before you closed you should have analyzed how long this tenant has been there and payment history.If they pay on time and pay market rent and have been there a long time costs to recondition the property will be high and it will take awhile to get them out at the holidays with the court systems taking time off.I would just moniter it for a little while and see how things go.If it's a small dog usually you don't have to worry unless a bite history exists with animal control.If it's a big dog or aggressive breed you definitely want them out as you could be sued and held liable should you not take action and an incident happens.

Probate Filings - look in legal paper and probate court.11.

Have you attended eviction court and checked on those who may have tenant problems?

Basically what happened was the builder did not complete the project and built only about half+ of the town homes, and some are not paying HOA now, so effectively there is a 50% HOA deficiency.

Some of the information is basic, but there are some good nuggets too.

Court House steps, Trust deed sales, Short sales, Hold and rent, Section 8's etc etc.

Basically, once you've submitted your offer to the lender, they are going to send out a real estate agent to do an independent appraisal of the property and come up with a figure for how much they will accept based on the value on the BPO.