If you reject the lease assignment then the existing tenant would still be responsible for rent and the existing lease stays in force, so you have gained nothing. 

A good, investor-friendly, attorney will walk you through the contract beginning to end in order to add value to you, answer all your questions, and be retained for future deals.Title comes in once you have a fully executed contract of sale/sales agreement.All the best to you on your journey!

We were able to permit an already existing bathroom and "bedroom" into a legit bathroom/bedroom that moved the house from a 2/1 to a 3/2.

Below are some CA markets that allow for non-owner occupied STRs:- Monterey- Palm Springs- Fullerton (near Disney Land)- Sonoma County- Huntington Beach- Santa Barbara- Joshua Tree- Malibu- Big Bear Lake- Newport BeachGranted, you'll have to do research on Rabbu and Airdna to find the best spots for cash flow, but they certainly exist.

Yes, this is what I'm trying to achieve (0% down), but I was curious if I could do it without seller financing.This does not exist. 

Also, if you change to using an LLC, you can transfer deeds into the LLC, but won't be able to transfer existing mortgages.

If you are buying an existing note that may or may not be part of the contract.  

Paul if you buy a property with existing tenants. 

For instance:They assume there's no way to seller finance with an existing loan in place.

Of course, I hope to retain all tenants to avoid that turnover cost.