If you own several smaller income properties, a vacancy in one is only a fraction of your monthly income.If you feel like posting some more details of the current prop, I'd be happy to weigh in again - it might be a total winner and you'd be silly to sell it, who knows? 

I have been learning a lot through online sources, but one area that I am still unsure of is how much detail a Purchase and Sales Agreement needs to have when entering into a contract with a motivated seller.

So maybe you fight through 2-3 years of saving every penny and buying properties and then just life off your investments.Obviously I don't have all the details of your situation, so I am just presenting one idea based on the information you have provided.

After Repair Value /Comps - Provide comparable sales data that confirms your After Repair ValueRepairs - Provide a detailed estimate/scope of work of the repairs that you are planning for the project.Loan Terms - Provide the financing terms (interest rate, points, holding period) you have budgeted to pay the lenderHolding Period - # of months it will take to rehab & resell the propertyOther Costs - Provide a breakdown of other costs (buying, holding, selling & financing costs) Profit Margin - Highlight the total profit & profit % you have built in the deal.  

@David Seroy Thank you for the detailed response. 

After going over some details with him, i mentioned i had turned up the water heater to maximum level because they had complained that the water wasn't hot long enough.

Properties have appreciated since I purchased, but I personally think there is still solid value here.I'd be happy to talk further or share some specific details if you want to reach out. 

Disappointed to know about the lack of spreadsheet details but I might be able to find my way around that for now.

I'm happy to chat with you in more detail via phone or email if you'd like.Best,Leo

Here are the details of my situation:Purchase price: $9250020%down: $18500Loan balance: $74000Interest Rate: 5.25%PITI: $700/monthARV: 135000Equity: $61000What is the best strategy to get my equity out?