The truth is, you can list this with a $50k price drop and then have a flood of buyers (assuming the buyers pool is sufficient in that area) bidding it up to where it should sell at.

Except as provided in Section 9-206 of this Act, in all cases of tenancy from year to year, 60 days' notice, in writing, shall be sufficient to terminate the tenancy at the end of the year. 

@Chris Sukala If this is a foreclosure auction with the county you will be receiving a Certificate of Title which should be sufficient to prove you are the new owners.

However, notice to your attorney, real estate agent, accountant or similar persons acting as your agent is not sufficient.""

And although lenders are stricter with verification of self employment income, showing two years of tax returns with sufficient income does qualify.Theoretically, passive income, rental income, dividends, interest income, etc. should enable you to qualify the same as self employment, i.e. as long as you can show 2 years sufficient income on tax returns. 

But I met thousands of folks from all walks of life and I'll bet less than 20% were totally self sufficient on passive income. 

I probably didn't expand my search enough geographically (limited myself to properties within a 30-minute commute of the Irvine Business Complex where I worked at the time), but I couldn't find anything that would meet the FHA self-sufficiency rule.Fast forward to 2015, and I eventually found a 4-unit to house hack using FHA, all the way up in Santa Clarita.

I visited the up-and-coming area by the beach (aka the 4-5 blocks) one night and loved it, and some properties west of the track are sufficiently close to the beach in my opinion.

@Shane Jeanfreau if you will be seating on built up equity that you created by repositioning the asset you MAY be able to refinance the property after 6 or 12 months to 70%-75% (or more depending on your lender and the property) of Appraised value.so if you added sufficient value you may be in a position to have no money in the deal.

Also if you have rental units you want to make sure that you have sufficient reserves should the need arise for a major repair.