In many places, giving proper notice that you're not renewing the lease is perfectly acceptable, but specifics vary by location.Another option to consider is "cash for keys," where you offer the tenant a financial incentive to leave early.

I've been in mortgage and real estate profession in California since 98.

I would call a mortgage broker and askWill take less than 5 minsI just did it.   

But that is only one way of making money on rental properties, you still have appreciation, depreciation, mortgage paydown, etc.  

In short though you're going to need a purchase agreement and could even use the standard real estate contract, and some people use a warranty deed.seller financing is when you don't have to give the seller some or all of the cash at closing, and then you don't have to get a mortgage (or as large of a mortgage) and you're able to make payments to the seller.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

What would be the benefit for an investor to convert a contract for deed to a mortgage?

The value of the condo went up (that's good), but the rental situation in Sarasota went down.Long story short, I can hardly make the mortgage with the forecasted rental income for a midterm.

They were paid off in addition to the homeowner, and I pay the mortgage (PITI).

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.