In terms of documentation, it’s just requesting the signed lease renewal.

Most of the legit investors I know won't buy those deals out of principle, regardless of terms. 

My long term rentals are located in SC, also in a city, and they play a big role in the numbers.

How much will be the interest rate, and terms of the loan. 

I would use an experienced broker who can shop around and help you compare best terms on a National basis.

., Rentec Direct or Buildium) for easier management and automated payments.For the tenant who’s behind, it’s good you’ve set new terms.

I do generally agree with the sentiment of Austin and the other hosts that fundamentals will always win out in the long run, and this by nature is a long term industry, even the sales side I'm learning.  

Even if someone in these forums were to teach you a creative financing strategy that required zero out of pocket cash and the seller was willing to accept those deal terms, you still aren’t qualified to own real estate with your current balance sheet.

i wish i had better news for you but it's probably not feasible in the short term to replace your W2 income with rental income. 

I’d love to hear your thoughts on strategies to achieve breakeven or positive cash flow in the long term.