Looks like there are some boarded up houses along this road, but I can see some opportunity here to tap into renters looking to be close to the school.Thanks in advance for your advice.Kind Regards,

If no, I would recommend using your local Board approved contract from the local association of realtors...these are typically legalese, but offer the most protection.

As a wholesaler, one of the key skills you have to develop is the ability to determine value. 

What is the lease for the tenants, you won't be able to kick them out if they still have a lot left on the lease, some loan types have requirements on you occupying the property within a certain time frame to get an owner occupied loan..may need to write it in the contract that they get one of the tenants cash for keys to break their lease early, etc at closing.  

Adjusting to the market and finding your advantage is key.

This unit is in my price range, renter in place, turn key.

The key is inventory, a simple matter of supply and demand.

I would stay above board.

So make sure your option money is enough to pay for a foreclosure in case you are forced down that path.Now if the tenant leaves willingly or you do a cash for keys instead of an eviction then you can avoid a possible foreclosure.

Am I correct in assuming once the deed is recorded and we have the keys, we're in the clear?