In the meantime, I was wondering if we should reach out to them to try and get a sense if they are planning on leaving, but I'm not sure I want to get into any sort of discussion regarding the matter. 

You need a broker legally, but there are all sorts of brokerages to choose from. 

As such, it cannot be financed, underwritten by any sort of entity, or even insured in any form.

. - I know several , what sort of product are you looking to have managed?

At least from the buyers perspective to add a protective element.2) Moving on is sort of complicated depending on how your agreement was drawn up.

What sort of money should I be making monthly before trying to buy a property? 

In a nut shell they will purchase for 1.6% on the front end of a deal and charge $400 as a sort of service charge.  

I'm looking for properties in all sorts of condition, regardless of whether they are vacant or not.

When the tenant is in a valid lease and they are not breaking the lease in any way and are wanting to stay, it's pretty hard to get rid of them before the lease ends unless you offer them some sort of incentive.

I did it within 90 days (Sort of) Items Standard Cash Flow Actual Cash Flow Purchase Price $47,000 $47,001 Repair and other costs $6,500 $6,500 Total Cost $53,500 $53,501 Cash to close $13,375 $53,501 Monthly Rental $920 $920 Mortgage (25% down 30 years) $185 $0 HOA & CPA $38 $38 Insurance $50 $51 Property Tax $142 $142 Mgmt (10%) $92 $0 Vacancy (5%) $46 $46 Repairs (10%) $92 $92 Sub Total of Monthly Maintenanth $644 $368 Monthly Income $276 $552 Annual Income $3,310 $6,621 Cap Rate (Net income / purchasing price) % 6.19 12.38 Cash on Cash % 24.75 12.38Photos.Lessons Learned#1.