You just don't know what the condition that the house might be in when you take possession of it.The other thing is that you dont know WHEN you might get possession of the house.

I invest in Saskatchewan, just took possession of a 6 plex in Swift Current. 

We don't ask for cash but I have heard of other landlords who do because of the chance of a check bouncing after the tenant has already taken possession of the rental. 

And make sure the lease is clear about if they are gone for 7 days without previous notice they are considered to have given up possession, just in case their cases result in them leaving by way of detention.#1 would be my second choice. 

@Kyle MullinsFirst of all, regarding leases, once you take possession of the property, you inherit tenants that don’t have any written agreement with you.

When I re-read Bill Gulley's original post, I can't help asking what the primary concern is about.As a buyer, I have a responsibility to perform as agreed.For a seller who is concerned about a flakey buyer who buys sub-2 and takes possession, simple offset documents have already been described.

If not, he's not your man and all landlords need a plumbing resource on speed dial who can and will advise even when they're too busy to work, and who will not overcharge.I don't know your situation with the tenants, but in an ideal scenario you are still in possession of security deposit (or they are still there to bill).

As far as cons to the buyer is the fact that if you miss a payment then the seller can get possession back pretty easily. 

After the judge grants possession then you can file the writ to have the sheriff show up so that you can change the locks.

There may be a delayed possession where the seller has time to move out after the close.