If they were to fight in court they would find something in that contract to drag it.Your action really depends on how much you know about the previous landlords.

I never got financials that I trust, so I have no idea what their expenses were.  

Condos, in general, are dependent on the financial stability of all of the owners.  

@Tony Silvas I think part of the problem is that you are looking at this purely from a financial point of view and not the emotional part.

I’ve worked in varying capacities as a financial analyst, software engineering & product design instructor, & senior design engineer with growing startups to some of the biggest companies out there.

What should I have in order (financially) before starting REI?

I am now ready to take action.

There was an episode on American Greed about Remington financial.. they were in business over 20 years their target was small commercial to bigger multi or commercial.. they charged 5 to 10k DD fee's estimated they brought in over 200 million in the 22 years they operated.. by the time the FBI was done with them.. they could not establish that they had made more than 11 loans in all those years.... long prison sentences. your instincts are fine and intact.

With low financials for a first deal; your pitch, passion, and niche will be more important than trying to meet straight numbers.

I just ran a property that I would love to buy if I can find the private money or possibly the hard money at the right rate and ran it through the BRRRR calc.All looks great except when I look at the financial projections section I see the following...50% Rule Cash Flow Estimates Pre-Refinance Total Monthly Income: $2,850 x50% for Expenses: $1,425 Monthly Payment/Interest Payment: $600 Total Monthly Cashflow using 50% Rule: $72 50% Rule Cash Flow Estimates Post-Refinance Total Monthly Income: $2,850x50% for Expenses: $1,425 Monthly Payment/Interest Payment: $556 Total Monthly Cashflow using 50% Rule: $869Am I missing something or should the total monthly cashflow Post refi be that high?