The interest rate is nice, if there was a way to increase the cash flow to ~15% or greater COC you could pull a HELOC on the property for 9% and collect the delta.again though, i would suggest selling it and trying to lock up a property or two with the proceeds that required some sweat equity, force appreciation through a reno, rent it out, refinance and repeat (BRRRR)

So not sure how to proceed.

., income, credit score, rental history) to evaluate applications in the order they are received.Notify Applicants: Let each applicant know you will process applications sequentially and explain your timeline for review.Act Promptly: If the first applicant meets your criteria, move forward with their application and provide them with a clear deadline to sign the lease and pay the deposit.Move to the Next: Only if the first applicant does not meet the criteria or declines the lease should you proceed to the next application.By focusing on one application at a time, you simplify the process, maintain transparency, and mitigate any potential fair housing concerns.Lastly, since housing laws can vary by location, double-check Arizona’s landlord-tenant regulations to ensure compliance with any local rules about how applications are handled.Best of luck with your rental process!

Ask your attorney before proceeding. 

The clear solution is to simply follow the eviction proceedings as you normally would.Here is one legal sensitivity you need to be aware of. 

Use 1031 Exchanges to Defer TaxesIf you’re selling a property, a 1031 exchange allows you to defer capital gains taxes by reinvesting the proceeds into another property.

While I was scared, I still proceeded since I had just learned the general process from my course.

Being fairly new to land lording I felt the need to gather a bit more insight from other seasoned professional with how to proceed, but you're absolutely right. 

The sale proceeds likely won't fully cover my loan.I have a few questions: What documents will I need to complete the buyout of the first lender?

Eminent domain proceedings, too.