If you have a lease follow it to the letter without exception and force your tenant to do the same.

As Account Closed pointed out, you should have had an actual Approval Letter first, which details the price, costs to be paid by both parties and a Net to the bank.  

He uses OPM to buy houses (Non-recourse, property as collateral, 8% interest only payments, amortized over 30 years, 5 year balloon.

When I ran the credit check, it did show a large number of inquiries followed by a number of accounts closed due to bankruptcy a little over a year ago.She also said that a company handles all her bills so she would need a letter stating the amount of the deposit and rent and they would send us a check. 

Do I proceed as I would for any other properties when I send a letter?

Note that, with proper written notice (letter), you can enter the property without his permission to perform repairs (although it is much better to have cooperation).

Consider drafting a letter of intent even if you never send it. 

Hi AllDoes anyone have a decent Letter of Intent?

HI BPer'sI'm seeking to buy some more multi families, in today's hot market it looks like off-market could be a good option.Does anyone have a good template letter for Mailing Multi-Family Owners?

Everything is finally in order and now I want to run at least 1 campaign before the big day to get the ball rolling again and possibly knock down a couple nice deals to help foot the budget :-)Anyways to the topic at hand...We have always used Yellow Letters . com to handle our marketing and so far the response has been about 2-3% - majority seem to be "tire kickers," so we are considering a little different approach.