So if I were in your shoes I would want to be really confident in the exit strategy. 1) confirm rent estimates 2) confirm ARV and the demand in that area to buy a house like that in the price range 3) are there banks willing to refinance at the LTV you want with the seasoning period you have. 40k for a house of that size that needs that work would be the cost of materials alone where we live in WI, so verify your estimates.

Normally I could just wait, but during my approval for the offer, I had to lock my rates at 6.25% FHA and the rate lock period was over around the 16 of July.

Historically real estate and markets are nearly identical over a long period of time. 

- Minimum period contract term or agreement?

On an average $400,000 home that amounts to $12,000 savings over a 30 year period. 

Tenant had a notice to vacate after 4 day grace period and lawyer submitted eviction to court last week (they are only late for July).

Relocated the laundry room, Finished the basement, made the kitchen and living room an open concept, extended the deck and added a back patio door, and more.

Our local statute specifically says: "the tenant shall not be considered to be absent from the dwelling unit without notice to the landlord during any period for which the landlord has received payment of rent."

So now it will be a 4 year redemption period.

I thought my multi unit was using a ton of water because it was 33,000 gallons in a 6 month period.