Sorry to here of your trouble with your current tenants. Unfortunately no matter how thoroughly you check into potential tenants before renting to them you can never forsee the future of any problems that you may encounter.
There are maybe a few options available to you in order to bring some remedy to your situation. You mentioned possibly land contracting the property. Land Contract can be an option for you but you can still face some similar challenges.
Our office specializes in developing investing plans and exit strategies for our investor clients. Feel free to give us a call or email me and we maybe able to provide you some assistance or suggestions.
The Real Estate Team
1. The current condition
2. The fitness of the tenants
Since management is the key to profitability when building a rental portfolio, if the condition of the property and the tenants' financial condition hasn't really changed, then look at the management.
The reason that this is important is because depending on how much you paid for the home, you may end up taking a loss financially. So double check these things before selling.
Once you've decided that making repairs, replacing the tenants or replacing the management still won't fix the issue, then consider selling.
In order to sell, check the comparable sales of homes that have sold within the past 6 months and within a half-mile of your property.
This information should be put in a report. Notice the average number of days on the market before a sale for each comparable property. This will give you an idea of how long it will take to sell.
Your best bet for a great listing Agent will be someone who has an arsenal of investors already that need properties. This will be your easiest and quickest outlet for a sale.
Make sure you list the property on the MLS to get the most views for the home.
Please call if you need any additional help or advice:
Letitia N. Patterson
MI Elite Realty
Certified Investor Agent Specialist
Certified Short Sale and Foreclosure Resource
Cell: 248 506-9426