Purchase price: $115,000 Cash invested: $42,000 Sale price: $168,000 Unfortunately, we bought this property as a buy and hold property, and our research led us to believe that this neighborhood was up and coming not in a bad area of Jacksonville.

The renter has given you the money to cover your borrowing costs and pay for the home's upkeep. 

Go to your favorite search engine (e.g. google.com) and type in "North Carolina 10 day notice" and you will get a ton of responses.

It is worth paying more upfront if it takes less time on site to put together.

Find out what rate rents are increasing and expenses are increasing in your area and use that in your underwriting, then work out each year of ownership. 5% rate in 5 years seems ambitious.

I focus almost 100% on my pad ready land cost to come up with profitable deals. 20% of gross development value is the most I will pay for land.

Even if you pay 10% in interest.

So many things wrong with all this.First don't pay for this.

Quote from @Treza Edwards: No-my tenants pay that 100%You said your tenant's pay utilities 100%, BUT are any utilities provided by the municipality?

If you have narrowed down an area you like research the heck out of it.