If there's a mortgage on the property, it's likely your loan docs discuss notifying the lender of a membership change in the borrowing entity.

The process will be to notify the lender that a parent died, and it is possible the lender will want a copy of the death certificate to show that.  

Multiple capital calls, poor communication and recently notified that 2 of the 3 deals are being foreclosed on.

They are notified immediately as I go through the steps to mitigate it.

I should have clarified this is my original post, but we are not all that concerned with the late payments, because the tenant does eventually get it in (and we collect a late fee), I was more curious about should we have a procedure in place that notifies us after "x" amount of days with a status update.

You want the contract to clearly outline responsibilities, payments, and consequences if the buyer defaults.Communication with the Lender – Even if you don’t notify them directly, it’s good to know your loan terms and options in case issues come up.Basically, sub2 can be great for sellers wanting out quickly, but it’s important to protect yourself legally and financially.

If my heirs have access to my linked bank account, and if my heirs don’t notify T.D. of my death, would it be safe to assume that as soon as there are no more automatic deposits going into that bank account that all the T-Bills and Notes have matured?

The first step would be to review your inspection report and then notify the inspector in writing about the error, requesting their insurance information so you can submit a claim.

The payment can change and you won't be notified.14.

Notify tenants of payment/direction changes.Transition now, but document everything.