If all parties agree you can null the original contract and establish a new one.Alternatively, if there's no clause against sub-leasing then that could be an easy solution...just make sure the original tenant knows that if their replacement doesn't pay rent then they (the original) is on the hook for those funds.

The previous owner at best was going to make sure they got their security deposit out of the tenant, and at worse planned on skipping out on the last month or two all along.When money changes hands, then goods, receipts, invoices, contracts, etc. should change hands also.

Purchase Price $35KARV/COMPs $85KRepairs $23,750 (reimbursement based after each draw/inspection)HML Loan $49,937.50DWN PMT $8,812.50Lender fee $3500Processing fee $500Closing Costs - not yet ascertained ~ $2500 The initial numbers I did had this as a home run, but now not so sure and the contract has been signed. 

Hi, I'm currently under contract to purchase my first rental property,  a 6 family in Asbury Park, NJ and I'm trying to secure a loan. 

They also wouldn't make a decision without contacting me first (despite having agreed upon "anything less than $200 please fix" statement in contract). 

Could you shed any light on this or any other laws that might be in place that could potentially hinder landlords from evicting tenants for breach of contract.  

Some of my pros and cons for leaving current employer versus staying;ProsGreater growth potential as self employed Realtor;More access to marketing tools;Can start building RE business off of the affiliatIon of a more reputable firm; More practice by repetition; Learning opportunities in the public sector (government contracting for corporate housing)Cons Leaving a more secure job (hourly wage, health benefits, PTO, etc.) 

I'm just starting out in the business side of this industry and am getting ready to make contracts or find a source for them.

I'm currently under short sale contract, but no earnest money has been exchanged.

Basic purchase contracts have you owing for the time you owned it.