Hello BP fam, I came across a vacant lot zoned commercial in the Los Angeles area and it's currently being leased by the owner.

Often times, after the initial showing, the next time I meet my applicants in person is after I've selected a tenant and we're meeting to collect the move-in money and sign the lease. 

Any closing I've conducted where my client was forced to purchase under the gun, there was a serious underlying issue. when buying pre foreclosure rescue lease backs were legal in Oregon and Washinton that was our specialty.. and we did many a closing within 24 hours of the sale.. of course we did it ourselves.. being a non attorney state we could simply draft our own deeds get the seller to come to my title company simply for a notary.. then run it over the court house and record.. hand them a check for whatever equity we negotiated.. then courier a cashier check up to seattle to the big foreclosure mills and bring the loan current.. 

@Nathan Jackson I haven't done it personally, but I would imagine you will have trouble finding a roommate lease of any type.

Have the tenants screened and leases reviewed by the PM, and get the property inspected by an inspector you hire.

A prior tenant moved out quite abruptly in the middle of a lease period owing about $2K in back rent and lease break fees (specifically outlined in the lease).  

I am referring to the following article:  Ultimate Rule: Better Tenants = Fewer Management ProblemsThe ultimate rule to help you reduce bad tenant situations is to lease to better tenants in the first place.

Once it rents out then I will be able to take the signed lease agreement to the bank and lock in financing and get out of my current mortgage. 

This calculates to an average 17% for the year but if the tenants renew leases they will not charge that fee.Good work on analyzing, keep going!

Greetings all- after 6 months of a well-performing lease on my first deal, I have my second deal under contract!