I have also listened to Gary Keller book, Rich Dad, Think and Grow Rich, 4 Hour Work Week, and numerous other business books.

@Mark Nolan Thank you so very much for the quick and concise reply, Mark!!!

That's all I was asking, I'll have him quick claim deed the property to me.

I'd be careful increasing the rent so quickly.

Your offer is more likely to be accepted when offering cash, quick close and no hassles as a loan can many times take 30 days or more and will be contingent on the property being in a certain condition.

From my experience, you will find out very quickly if the tenant will play ball. 

Formulas for this kind of stuff is just a quick and dirty way of seeing if something might make sense.

I recently got my real estate license to increase income and then by fate my friend turned me on to BP which led to Rich Dad Poor Dad and my mindset has been altered.

A quick phone call to either or both of those entities should be able to answer your question.  

Especially since I don't expect it to sell quickly.