For example  a Class A tenant to me would include tenants who have stable/adequate finances  and generally good financial management. ( This often but not always aligns with skilled/professional employment.)

The mother died a few years back and left the house to her youngest son.  

I'd also greatly appreciate any comments on assumptions - anything I've left out or where I might be too aggressive.  

If they correct everything then they have under 2.5 months left and they can leave.

Debt service is NOT an expense in this calculation, so we'll get to that in a minute.You've left out the market you're shopping in.

If you do cancel, you won’t be issued a refund for the remaining unused months that are left after cancellation.

I'll have some money left over in my 1031 exchange so I'll most likely find a 2nd property to purchase shortly.So in summation this one house has allowed me to:Pull out my down payment and purchase a 2nd house immediately I cash out refinanced that 2nd house to buy a triplex shortly after   Now I'm selling the original house and buying two more housesSo, in the end I acquired 6 doors (almost 1 million in property) made $3,500 cash flow ($6k - $2500) and paid down my LOC in the process    It's rewarding to see the 3 million dollar goal by 2020 in the OP as I have already surpassed that and the new goal is now 10!

I left nyc market because of some of these games the wholesalers and realtors do.

Mine is $450/month (with no cash left in the deal, and a PM in place).Here are the steps with explanations:1 - Get cash together.2 - Find a RE Market that will allow you to use your cash ONLY for all costs (buy/rehab/etc...)3 - Find a lender that will do REFI loans on Rentals...and what their terms are.  

Left day job as Project Director to dedicate myself full-time to my real estate.