The question is , should i give them more time or send the formal notice demanding rent and providing a deadline.

Do you knock on the door yourself, send someone else, or go through formal channels like a notice to vacate?

In our case, what we usually do is ask them to send us a formal signed letter explaining the specific reason why they need to pay their rent in two installments (usually because of how they get paid at work).We also ask for their permission and the contact number of their employer to verify the information.

.• Consider a formal demand letter (from you or an attorney) if the lack of performance continues• Start exploring replacement options or subcontracting critical tasks to avoid further holding costs - I would not care what he thinks, he is not performingUltimately, you need to protect your investment.

If you consider yourself a "qualified individual" to make such estimates - maybe.

Over time, some evolved into more formal, for-profit organizations.

In times of expensive money, formally small concerns loom large.

To formally and cleanly release both parties from the lease, you’ll want to use a document called a “Mutual Lease Termination Agreement.”

As a side note I also manage properties in this neighborhood and have had no issues finding qualified tenants on the higher end of the rent scale.  

Please feel free to message me with specifics and I can tell you my opinion on value, though please understand that it is not a formal appraisal and I will not be representing you in the transaction.