They are both built in a factory, but one is delivered on a flatbed and the other on its own frame and wheels.

Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.escrowAn item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition.

@Nick Diecidue you can always ask the seller to deliver the units vacant upon closing (that's if you haven't signed a P&S yet).What I would do is buy the property, and right away have the tenants fill out a rental application, apply that information into a 3 month lease, and deliver a notice of non-renewal 45 days in advance.

I've packed bags at 8, delivered new papers at 12 and flipped burgers at 14.

They can get that extra $500 a month with real estate or by delivering pizzas in their off hours, but that is a different matter. ;-) Looking at the chart below: If you want $40,000 a year income using the 4% rule - you need $1,000,000 - none of those categories below come even close.

Can you ask the sellers to deliver the place empty? 

(iii) Upon Buyer obtaining Loan Approval, Buyer shall promptly deliver written notice of such approval to Seller.

Should I just extend the Closing Date to whenever they're ready to deliver Possession?

The seller wants to close fast, within two weeks, but would like 30 days after closing to move everything out.So we would close at the end of October, but full possession would be given, say, December 1st.Can I simply rewrite the Possession clause in my Purchase Agreement to say "Possession of the property and occupancy (tenants excepted), with all keys and garage door openers, will be delivered to the Buyer 30 days after title transfers. 

Your education has also prepared you to analyze cycles and this point in the market is not an easy entry for passive investors not willing to be a small part of a much larger endeavor.In your case I'd be looking to real estate more as a tax hedge that will build substantial cash flow over time while delivering substantial depreciation and tax benefits from day one.