Full disclosure, I had a fair amount of experience prior to getting on the forums, but what really pushed my business over the edge was this community which for me was a sounding board, mentor, mentee and fantastically unorthodox education.

Sounds like a simple eviction to me.

You sound very new to this so you may need a mentor as well as education.

If just a simple promissory note with no collateral, it's up to you. 50% interest sounds pretty high to me, so you may want to see what's legal and what's predatory.

I realize that is an expensive proposition here in Puget Sound, so I'm gravitating towards starting with flipping lower end properties in Snohomish and Pierce Counties while keeping eye out for buy and hold opportunities. 

Ellis, that sounds more reasonable and expected.

I wanted to know if this sounds about right, or if there seems to exist any options to be able to purchase without having to use up all the cash.

It sounds like you get overtime pay, and you are trying to figure out how much your are actually receiving if you are losing RE deductions?? 

With that said, it sounds like the seller has all of the control and most of the benefits.

It sounds like you grasp the concepts well and know what to do.