Your LOI could include three options: His price but in 3-5 years on a NNN master lease-option with possession occurring Jan. 1; his price with your desired amount down and him financing the balance on a land contract at your desired interest rate and amortization period; and cash price with bank financing.

There may be multiple ways to get an occupant out; no legal lease or right to be in the property (wrongful detainer in MD), House is uninhabitable or other code enforcement, in MD a "writ of possession" is the process for obtaining possession after a tax sale foreclosure, etc.   

And I have made sure I paid the last invoice - even though I disagree - when the property is still under my possession. 

Executory contracts include any transaction that defers material action by either party that pertains to ownership or possession of real property into the future.

Offer contingent on vacant possession.

Agent, I am in possession of an assignable Purchase and Sale Agreement that the buyer of 123 Maple Street (the address of the other distressed sale) may be interested in, but I don't know them and you do.

These were renting for $575 when we took possession!

It is a tenants responsibility to insure the rent is in the landlords possession as arranged by the landlord, PO box, direct deposit  etc.

The terms and conditions would vary from property to property but in general I think its a great idea to take full possession of the property within 5 years as you stated.Just tell your agent what you would like to do. 

What if you had 15,000 in your possession right now.