JohnFirst look at your states licensing laws, they can easily be found online.

Primary Homes - most banks will easily do 80% of the value of your home, some will go up to 89.9% loan to value (LTV). 

While I do take into consideration all the relevant expenses when I vet a property I still like to see at least $200/door cash flow so I can more easily build up my reserves and have some money to work with.  

Can you travel there easily? 

But then because they have established such credibility, they can easily buy now with great rate and terms from lenders because they have the track history. 

Most MTRs in my area include utilities, but my California property has very high utility costs (PG&E - could easily be $1000/month with regular AC/heat use).

A quick google search of your state indicates the following regaridng timeline to give notice:30 daysFor tenants who have lived in the property for less than one year, or have a lease for less than one year60 daysFor tenants who have lived in the property for more than one year but less than two years, or have a lease for more than one year but less than two years90 daysFor tenants who have lived in the property for more than two years, or have a lease for at least two yearsI'd definitely touch base with an eviction attorney in your state to ensure you are not missing any steps and to have the attorney as a backup option in case the tenant does not vacate easily.

@Julie Doke: Industry specific software speaks to you and you can easily relate it to your day to day process.

If they are professional, they can explain this quickly and easily.

The point of the contract is to provide value to both buyers and sellers and  this deal saves the buyer over $1M in interest and easily $100k in furnishings while getting the seller their full equity and saving buy side/sale side realtor commissions.