Explain to him you're the new owner, run through the new lease (make sure you have one made up) and discuss rent payment and due date.

Here are the numbers:Purchase Price - $45kRenovation - $17.1kHolding Costs (To Date) - $3.5kList Price - $99.9k 15% Down Payment Closing Costs & Points - $4.5kAt the end of the day this wasn’t the expected home run deal most newbie investors like me seek.

I know from podcasts and books about syndication that even though its a guide, what is currently applied to MF investing can be dated in publications since they take a significant amount of time to actually get to market. 

Just be aware of the amount that you may have to pay the bank to bring the payment up to date.

Pay the taxes up to date at close and use a no income verification loan so it's fast and easy. 

@GraysonSpittelThank you for the comment, I will put the date on my calendar and I plan to be there!

From that date the client has 45 days to identify potential replacement properties and a total of 180 days from the date of sale to complete the entire exchange.

Pick 1 date and define late as the next day. 

Offered got accepted, house inspected and now we are going through the process until closing date.

Don't forget that lease renew by themselves unless a date was set or you have it written that they will now renew.Thank you