As a result, effective termination would occur on 30 May 2016 - which the existing landlord could do at this point without cause.

I want to take over the deed, pay the existing mortgage up to date, leave the existing mortgage in place, place the deed in a land trust, rehab the property then pay off the mortgage once I sell the house off.

Hello, I'm new to real estate investing and wanted to get started using the "subject to existing mortgage" strategy to buy and hold (landlording) to build wealth.

We were very very careful to make sure this wouldn't happen because of all the interest in the property and it's common for people to pull these shenanigans to get a property under contract and accepted for a ridiculous price and then later back out and reduce the offer for the "appraised value" so we wrote a special clause into our counter proposal.On top of all this the roofer that I had hired took my $1k and ran off with the material money and also hired and scammed another roofing company that tore off the existing roof.

Gravel, asphalt, concrete?  

That interest may be non-existent - I can quit claim you a deed to the Golden Gate Bridge.

In this scenario, lets assume the mortgagee and mortgagor are both in agreement and would like to terminate the existing mortgage agreement (rather than pursue foreclosure).

@Dave MinorI didn't know that existed.

But in real estate, Turnkey is more of a process which includes the purchase, renovation or rehabbing of an existing property, the leasing and then the sale of the property.

@Jimmy Warr  Yes and yes to your questions.Regarding the property with existing tenants, I've also found it helpful to chat with the tenants while you're doing a walk through, if possible.