If the tenant doesn’t show, you can get possession, even if the don’t owe money to get a judgment.  

Not all tenants have this kind of money in their possession.

The only investments you can make are the ones that require specific cash amounts that you have in your possession. 

I really hope that I would not have to wait around and file the writ of possession, which could take months before I can enter especially since I plan on living in the property.The neighbors doubt the owner will put up a fight but I'm still seeking advice from those who have gone through the auction process before....

It listed 2 marijuana possession arrests in Iowa, with dates and court dates and outcomes.  

@Logan MerrickYou should offer on or buy anything you possess the skills and team to fix and make profitable.

As long as they trust you to make good on the agreement you promised them then you won't have any issue with taking possession of their property and making it part of your rental portfolio.

"Hypothecation occurs when an asset is pledged as collateral to secure a loan, without giving up title, possession or ownership rights, such as income generated by the asset.

In Toronto an investor would want vacant possession because the rents can be reset to whatever they want based on demand..We only have a cap of 2.2% increase on rents per year.. so assuming the tenants will only realize those gains..You need to understand what the market bears for rental.. if they are already paying market rents and the increases are flexible then there is not much of an issue assuming but I would also get some kinda background reference for each tenant.. you might be assuming a horror tenant..

Whether the contract is valid or not is really of no consequence if the tenant has taken possession.