Homeowners without representation are likely to be foreclosed on much quicker compared to someone that does for obvious reasons: they don't how to defend themselves in a foreclosure proceeding, they don't know how to raise arguments in their favor, or how to negotiate.

My question is how should I proceed and who am I legally obligated to, the old tenant or the new tenant?

You said you are looking to move into the monthly unit, so I would just give them their notice and proceed.

Hi Account Closed, I run a hard money group in Chicago and we fund BRRRR projects.These loans are typically structured similar to fix-and-flip loans - interest-only bridge loans that are repaid with the proceeds from the refinance following the completed renovation.

My $10k example was admittedly unrealistic.However, by way of further background, @Dustin Heiner wrote an excellent article on this topic on his website masterpassiveincome.com titled "What to Do When A Buyer Backs Out From An Assignment Of Contract".In it he suggests a scenario where the assignee decides not to proceed, perhaps after discovering a big ticket repair item that would cost significantly more than the portion of the assignment fee held in escrow. 

Byutilizing a 1031 exchange, investors can defer capital gains tax by reinvesting the proceeds from the sale of one property into another.

Just routine maintenance.If I were to take the proceeds from the building and place it into a CD paying 4%, it would more or less amount to the total return I make in monthly cash flow and monthly principal pay off.

A conventional loan with 10% down will not be an option for a car wash.I would first seek to find out if the Seller has plans for the proceeds, usually they need the money for something else.

I then used most of these proceeds to upgrade the properties and make them more valuable.Now I’m looking to sell off my assets and reinvest the money in Florida utilizing 1031 exchanges. 

If solid comps are showing 120k, you should be good, "if" you have solid rehab numbers.When I run numbers for a flip, I take the worst case scenario on everything, then if I still have 20k profit(after commissions, holding costs, insurance, closing assistance) I will proceed.