@Blaine Cox It CAN work, but its largely based on geography and how shrewd of a negotiator you are, it sounds like in the example above you needed a lower purchase price or a way to decrease the rehab cost 

“Hi _____,I noticed that you recently requested to connect with a CPA in _______.

Example, in FL if you buy at auction and there is a valid, arms length lease in place, you can void it with 90 days notice.

When did they notice the problem?

On the 5th of the month, put that quit or pay notice on the door, open so everyone can read it!

If you’re like me it’s late after the 5th and 3 day notices go out on the same day and evictions are filed each day of the same month if needed to.Typically they pay the first full month up front, then on the second month they pay the prorated month from when they moved in

For example, I run a delinquency report on the same date every month and whoever is late gets their pay or quit notices all in the same run.

One thing I've noticed is that the turnover rate within the first year for RE agents is very high.

They agreeing to findings.2. complete repairs found by inspection and deduct from deposit3. clean carpet if they don't provide a receipt from a local, professional cleaner which is the condition they received it in. deduct from deposit if they didn't.4. if a pet was allowed, they must turn in a receipt showing it was treated for fleas. if If they dont it comes out of the deposit. if any damage from pet they're given an estimate of repair and sign an agreement that they will pay any excess not covered by deposit.5. touch up painting as needed, filters changed, fire alarm batteries updated.6. get keys from tenant and change locks. old locks go into inventory to be used in other properties.7. return their deposit with a letter documenting what expenses were paid out of it and a notice that they are welcome to return if they were a good tenant. they can use the statement for their future landlord as well. if they were not a good tenant, they go on a do not rent list for future reference with a copy of mive.iut inspection signed by them indicating damages and/or non-compliance behavior.

Keep in mind you may get a 7 year term on a 20 yr am - which would increase payments and decrease cash flow accordingly.