I've completed over 20 BRRRRs in the Birmingham market and help out-of-state investors do the same.The key is to work the formula backwards.

Recommend you work backwards.  1.  

Your responses have all been very appreciated as you seem to be looking to mitigate catastrophe for strangers starting out.So far, it's been 1 step forward and 2 steps backwards. 

Check your local laws, but 30-60 days' notice should do the trick.Cash for Keys: Offer them some cash to move out faster (I know, paying them to leave seems backward, but it works).

It just seems so backwards.

I factored the cost of that capital into my calculations from the start (working the numbers backwards from the ARV to the purchase price)(this also encouraged me to buy the properties at a lower cost). 

@Beth Anderson always work backwards to determine a purchase price.ARV minus profit/equity minus Rehab+10-20% minus carrying costs = purchase offerThis is a simplified example, but demonstrates the concept.

MLS - negotiated backwards based on rental income available.

I actually think you have that backwards.

Am I correct in understanding that currently you must be going backwards fast, seeing as you only have $300/m play money, which is supposed to cover your $199k mortgage?