Then a tear down might be feasible.

Devise a plan whereby you inspect the house, and assuming your inspection reveals they are Ok tenants (normal wear and tear), then I would let them stay on month-to-month on sort of interim plan contingent on paying on-time rent.

In the end she never moved in and I returned the security deposit because there was no damage or wear and tear.

I would buy a lot with a home for $10 which needs tearing down, then build on it, prefab style, and you're in business.

As I've been looking for wholesale single family properties, I've come across numerous sellers who asks if I can buy their infill lot or tear down/build up lot.  

Call lots of mobile home companies to see if they will haul it off cheap and put some ads on Craigslist to see who will tear it down and can have the scrap metal.  

The channel was relatively inexpensive and works great, but it will require another layer of drywall or tearing the existing out and re-drywalling the ceiling.

I can see you now Michael, standing on a corner with a tears coming down your face.

You need to account for vacancy time, turn over cost, wear and tear in furnishings, etc.

I clicked on this thinking there would be some interesting dialog about which methods (or combinations of methods) people think are the best way to grow your income via real estate, but alas, all snark.I've been tearing through the podcast archives recently and there are a ton of options that could get you there depending on how you define quick.