If you can get the leases, build your proforma and expectations on how you will operate, not on historical evidence.If the seller is willing to open the books once you're under contract, than build that into your offer and due diligence period. 

@Joyce KimHELOC and home equity loan are not the sameEquity line of credit is a line of credit that let’s you withdraw up to specific amount and you can take less and pay interest on what you drawFor example if you had a $50k line of credit you may choose to use $20k of it and it is usually ten years where you can pay it off and draw moreA home equity loan is a second mortgage which is a fixed amount and paid off over a period of timeHELOC is better in my opinion but if you have no income it will be difficult to get approved even with the equity you haveCommon misconception people have is if you have equity you can just take it, that’s not the case the bank also wants to make sure you have the ability to repay it.

A 72-T exemption known as a Substantially Equal Periodic Payment (SEPP) is a pretty rigid agreement.I don't think you will be able to accomplish the rents-only goal.  

If you want an unusual, "live like no one else" life, you're going to have to take a 2-5 year period and make some serious sacrifices.

Some DSCR lenders will float the rate until the appraisal is back, leaving you open to having the rate changed during the floating period.    2.

.: And with the numbers being higher (1,000 sq ft cabins are going for 500k that I'm all in around 340k, 2,000 sq ft cabins are going for 800k that I'm all in around 575k), I can create the same equity and cash flow that I did with my rentals in a shorter period of time with less units and with property management built in.We would all be happy with this strategy alone...and just flip and make hay while the sun shines

Give them a written notice that you will not renew or extend their lease and they have to be out by the end date.

I recently had my tenants extend their lease agreement but we've had to adjust whom is renting and the responsibilities.

Anything can happen: the market can shift, we can go into another extended lockout period, the property can be destroyed by a natural disaster or by vandalism, the list of contingencies is endless.

The particulars are:Total SF: 5160Roof: Shingles, replaced 2001Plumbing: Mix of PVC and Copper, updated in 2014-2023Heating/ cooling: forced air, 3 furnaces replaced in 2014-16, one AC replaced in 2014Electrical: has been updated periodically from 2014-2023.