If you want the word docs, we can provide those too but need to make sure you understand that any material changes should be done only under supervision of an attorney, and that adding clauses does not make them legal or enforceable.

The downside for them is that they won't start getting any payments until you do, and there is more risk involved for them since equity holders get paid after debt holders in a liquidation.

Am I legally able to pull this off?

Its is a legal 6 unit building in Jackson Park. 

My manager has basically said that we can either go after the money or the eviction and that her inclination is to wait until the end of the month and then if he isn't gone begin proceedings (to avoid legal fees) .Am I looking at this wrong when I think its best to get the ball rolling on the eviction now and stop the bleeding as fast as we can? 

(This is legal in our area because of our building class). 

Some people classify a primary residence as a liability because there is no cash flow (I personally see it as an asset) and unless you are renting it out you are losing money but everyone has to live somewhere so you might as well be paying down debt on something you can potentially sell for profit later. 

Debt service would be at about $9,886.Based on the expenses provided it would be a great deal but having the conservative approach, being that its a small multi lets assume 40% for expenses.Income- $22,620Expenses- $9,048NOI= $13572Debt Service- $9886CashFlow= $3686/ year, $307.17/ month, $102.39/ unitAny feedback will be helpful.Best Regards,Rico

Debt service would be at about $9,886.Based on the expenses provided it would be a great deal but having the conservative approach, being that its a small multi lets assume 40% for expenses.Income- $22,620Expenses- $9,048NOI= $13572Debt Service- $9886CashFlow= $3686/ year, $307.17/ month, $102.39/ unitAny feedback will be helpful!

Eventually the LPs sued the GPs (mostly because of me) and we recovered the principle amounts plus legal fees but it took almost 10 years to get the money back.