This isn't a regular all cash deal.

Also most if not all Title companies will NOT take a certified check as those were subject to counterfeit  maybe the local attorney closer will take them but if you use one with a big title company they will wait for them to clear just like a regular check.. 

I personally prefer a legal position involving deeded ownership or secured lien position; however almost any real estate activity can be profitable given the right set of circumstances.

Have you been setting aside some of your rent for regular repairs and CapEx items?

The only section of the market which does see regular cool-off periods is the luxury market (which are properties above $2.5m+).

Per my contract I stated that the owner needed to establish a 6 month lease with the first floor tenant in addition to raising the rent and collecting a security deposit.

Maybe he wants to pay his mortgage to secure a large HELOC for property investments, thus becoming his own banker, which could be the best terms he can hope for.

It's not hard- install aerators in sinks which don't have them(and install Water Sense faucets when replacing faucets, they'll use about 15% less water than regular faucets.)Then use low-flow shower heads(go for 1.75 gpm, anything lower will cause unhappy residents.)

https://secure.

Make sure you get the security deposits at settlement.