To clear up a few misperceptions in this thread:You can take possession as soon as you have your certificateMany tenants will sign a lease with a 30-day cancellation clause in exchange for below market rents or security deposit concessionsIf the property contains a residential structure, a redeeming party must pay you for the VALUE (not the cost, which is usually much less than value) of the repairsAlmost all lienholders must redeem before exercising their own rights to take the property such as foreclosureLocal government liens (weed abatement, demolition, sewer, etc.) do not have to redeem before foreclosing but they must reimburse you for taxes.

If they go off my budget, I walk away before my inspection period ends.As part of this exercise, I'll have a number of estimates that pretty much are the same regardless of the property so I expect my homework to be easier next time.Hope it helps and Happy Investing!

One of my favorite exercises from the book is to write down all your worries on a sheet of paper, then seal it in an envelope for 6 moths.

I've been doing this mental exercise for a while hoping to get some thoughts on this.Thank you all.

I'm not sure but I assumed you received documents from PennDOT stating that they intend to exercise such power.

What I’m hoping from this exercise is to learn what’s it going to take from a cost/time perspective.

(Or, rinse and repeat the first exercise, but maybe with a Lot that is NOT generating income yet)?

We exercised our right to cancel the contract.

Those items like kayak, paddle board, BBQ grill, lawn furniture, floor mounted pull up exercise bar, stationary bike...stuff like that which the tenants are free to take advantage of but it is not part of what the rent includes.I think hotels do that when they say they have "complimentary newspaper service, complimentary WIFI". 

What I regret is not exercising the pro-tenant laws Massachusetts has in place, holding the landlord and property management liable of the commission fee they charged me since they did not do a proper inspection of the unit between tenants.