You'll have to have the cash for the rehabs up-front, but basically how it works is you put your 25% down and get the 75% from the lender to acquire (there will be points and fees as @Christopher Phillips mentioned), and during the loan process, you'll provide bids for all of the work needing to be done to the property.

I am trying to acquire more properties for my portfolio, but the banks will not give me a pre-approval for a loan with any of my units vacant.

I’m also reading books as well as resources on the forum to acquire some RE knowledge.

If the tenant you apparently "acquired" with the property purchase is a great tenant, we typically want to hang onto a great tenant! 

Better question is why don't you refinance that investment property so you can acquire more income producing properties?  

The "cash for keys" method is to basically bribe the tenant to leave without the waiting period or formal eviction process.I used it successfully once for $300 per tenant in a house I just acquired, another time I was unsuccessful offering $2000 and had to go the route of a 60 day notice (required in my state if the tenant had lived there more than a year). 

I am still rather young (26), but have found real estate investing much more exciting/lucrative than other investments.Since beginning my journey I have acquired 5 rental properties that are all cash flow positive.

Hello,I recently acquired my first property without the use of a real estate agent.

I'll try to acquire with seller financing.

For example if you acquired a property in September 2017 and have $120k showing on the "depreciation" line, it makes sense why you wouldn't have rental income until Feb 2018.... obviously you were gutting and redoing that property.