Your state/lease will dictate the speed you return the deposit and you'll stop charging them rent once a new tenant is in.Work within the law and you should be good to go.

As @John Kent said, this is purely dictated by the purchase contract.  

I'm assuming now you have 5 years equity to either attract buyers, as you can dictate the sell price.

For me, it is worth it to be my own boss and steer my own ship and leave corporate America and not have other people dictate my destiny to me.

I say I am sure your not the type that would let some stranger dictate what you do or buy... ( most common response is your damn right I would not) so they are ready for the offending neighbor.Then if I am there and the neighbor try's that BS I say well not sure what your talking about if its so bad why do you live here in the first place. that shuts them up.And if all else fails I tell the neighbor I may just rent this out to a half way house that specilize's in letting drug offenders and other felones get a second chance so its up to them do they want a nice new neighbor or would they prefer the felons.. since they will pay me double the rent.. you just have to be in their face

Robert, I wanted to add to the other helpful replies...Make sure that you commit to YOUR way instead of having deals dictate what you do in which cases can confuse you and cause you to make bad decisions.

The specifics of this case will dictate. 

I also have the ability and tools to do most work myself, although time constraints will dictate that I hire contractors.

I would say let your goals dictate your day.

Crap for 1 to 15k per house if you have to just abandon one because it did not work no biggee.. you have lost next to nothing monetarily. keep the ones that work throw away the garbage let them go for tax's.If your sitting in CA or AU or GB  or other foreign countries and you think these cheap homes are going to make you rich.. then your just perpetuating the greater fool theory in my mind... and the end of the day simple logic has to dictate.. if houses on the open market were any investor  experienced or not can purchase them for 1 to 5k  well then there is a reason.. and there is a reason that in LA or SF or PDX or SEA  or New York or Boston or other prime markets that values are where they are at.. supply demand and ability to pay for the asset.Detroit bottom line just needs to retrench.. if its only 700k pop now and declining and there were housing stock for double that.. it does not take a genius to understand there is a gross over supply and the better owners or tenants are not going to live in the roughest and most dangerous areas of the city they will flee to safer more stable environs because there are massive amounts of homes that can be bought in nice areas for 100k and under.