If the lease is month-to-month, you can do it at the end of the month.

Generally when sellers say "cash" it really means they do not want to deal with contingencies,  short closing period and/or do not want to deal with needed repairs. 

I have been doing rent by the room for a little over a year. 

@Michael VelezThe best thing you can do is join a local real estate investing club.

But absolutely be very clear with the seller as to what you're doing.

They still owe the debt and it should treated as though they do.

That's actually an excellent idea .... do you know where I can get more info on how to rent out the land for passive income? 

Happy to connect and knowledge share if you are interested.Detroit is a great "fix & flip" market if you are on the "right" street and don't "over do" the flip.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Because if you do, they are one of the few states that will require you to pay their tax after you’ve left the state.