Ah, and then I must look at the larger picture.The month to month rentals need to sign a 6 month lease. 6 months is enough time for you to know if you wish to keep them, and it keeps cash flowing while you recover from this deal, and prepare for the next.I would have a sit-down with the tenants to explain that you purchased the property as an investment, and desire a profit.You have a lease with you, and a notice to vacate at the end of the month.

Keep in mind this percentage is a quick, back of the napkin calculation to do a quick “test” to see where approximately the deal sits.

Never thought of it as an investment until my brother in law came for a visit and gave me his advise which I didn't agree on but I did sit on the idea for a while.

Depending on what you’re looking for you may find some of the large brokerages a good fit...they’re certainly larger but with that comes established programs you sit in on and learn the business of real estate, not just filling out a contract. 

And there are clearly carrying costs (insurance and RET), but those will be minimal for a couple weeks of sitting.

Which leaves 285K of equity sitting there until they pay off the sale price after 30 years. 3) It feels like for my personal situation/goals it may not be to my advantage to do this.

In Indianapolis something like this would be listed around 1.3 million and sit on the market for a bit.

We treat our tenants well by working with them if they are struggling to pay or something (for example, we collect cash from one couple weekly because if they have money sitting around, they spend it and then can't afford the full rent) and we are usually pretty quick to respond to maintenance calls, upgrades, etc. so they usually appreciate that and treat us well in return.

I bought the home about 2 years ago that I let sit up until about the last couple months.

Most that I talk to believe a correction is coming, and would rather be sitting on cash right now, so I can only reiterate what other said.