So if you wanted to "replace the mortgage" you can by using seller financing.Most people do not have cash reserves to replace a mortgage so they have to take a debt instrument in order to fulfill the two criteria above. 

Once your investments provide you more money than you need you then have the problem of finding something fulfilling to do 9-5 anyway. 

There are some "hardship" caveats that will give you some leeway, but if you don't fulfill the requirements you may be disqualified from future opportunities.

. – Owner Financing – Current Condition – NO REHABPurchase Price $100,000Down Payment/Escrow $1000Monthly Payment of $325 until the balance of the loan is fulfilled.

I want to fulfill myself with knowledge about planning, first deal, wholesaling,rehab,finding cash buyers, PML, where to go to meet with people in the same field,and other strategies used on this big world of RE.Thanks Much.

OTOH, If they sign a fixed term lease, the lease should spell out what, if any, action is required at the end of the term, including renewal.In either event, there is never any guarantee you WILL get notice, or that they will fulfill the entire term.

@Wayne Brooks @David Krulac @Bill GulleyAfter digging a little deeper, I found a Warranty Deed recorded about a year later.It states "in fulfillment of a certain land contract" then goes on to mention the original recorded land contract document number.Thanks, John

.), and mail offer letters to those that fit all of the above criteria.Now I have the property ownership data, but I'm having a hard time using the data to fulfill the remaining steps. 

They were wonderful experiences but just did not fulfill my life.

You did not fulfill this requirement and are in breach of contract.Also, on the “Notice of Buyer’s Termination Contract”, you checked box “(2): Buyer cannot obtain Credit Approval in accordance with the Third Party Financing Addendum for Credit Approval to the contract.”