I've decided to start with pre-foreclosures, Lease Options, and Seller Financing. 

My total cash to purchase the property will be $6,500 + closing.With a contract for $43,500, I don't think there's much room for a wholesale opportunity & a 30 year loan would increase my cashflow by about $40/mo but I can't seem to find one right now.The property is a 3/2, 1,000 sq. ft. the lease renews in August, month to month, at $825.

If you don't have anyone you're that close to, perhaps you can find someone that you know/like that will allow you to sublet part of their house for 2 months with a formal lease document (so they don't throw you out when they're sick of hearing crying kids :) ). 

@Brandon Turner of course was a huge help in actually helping us model the leases. 

Here are the options I'm currently booting around while I wait to close.1. sign all tenants who are currently under a month to month with a 3 month lease to let all my funds and the "new owner" feeling settle in with the tenantsa. update common areas like the halls, stairs, paint etc which will give "reason" to the upcoming rent raisesb. at the end of the 3 months raise the rents on those who need it most in hopes of either they leave or if they stay they're paying at least close to avg rents for the area if not the equivalent of the avg rents.c. as they move out update, raise the rents for the next tenants.2. 

How do I go about "Revising" the lease?

Now...according to my lease they have to give a 60 day notice, plus they pay a fee equal to 1 month rent, $1295 in this case.

Jake, we work with both very sophisticated corporate investors and new ones...primarily on the sourcing and acquisition side but also to provide repair and renovation and leasing and management. 

Hi, I'm in discussions with the seller's broker on putting together a master lease option. 

They are on a month to month lease which we have informed them we will not be renewing for a couple reasons, the first being that they are a complete slob and are trashing the place / from the looks of it are the reason the place had bedbugs with the previous owner , the second being that they have dogs that are not covered under my insurance.