We leave tomorrow for Las Vegas and a four-day celebration of my birthday.

If the tenant doesn't leave voluntarily, the clause has no teeth.

You'll end up paying about 10% to sell the place leaving you cash out in the $72 - 81k range... leaving you $5 - 14k profit... that doesn't include any holding costs... seems pretty tight.Your other strategy is to invest $19k ($12k down + 7k rehab) for what amounts to $70 a month in cash flow per your numbers above (used 50% GOI - Mortgage defined as $500 - $170 in taxes)

I would not put that in an LLC, you need a family trust or leave it alone as a private family residence.

So if I moved out by then I would have to charge him market rate or he would have to leave.

Finding a good wholesaler may help but I emphasize the word "good", many of them tend to leave little room for the investor...no offense to any wholesalers in the discussion.

I would want to understand their reason for leaving AZ if they had good incomes there; maybe the employer in AZ was going under, so moving became a good idea; maybe something else was going on.

Leaving me with $12,000 per year in clear theoretical profit.

When I sent it back to the broker he returned it to me and had me leave those portions blank.

They're just paying rent, so can leave whenever they want.