You can also use hard money or private money if you have people who trust you enough to loan to you.

Assuming a mortgage is not a Sub2.Sub2 or taking title subject-to refers to taking over legal title to the property subject to the current financing, encumbrances, liens, etc.If the prior owner is now a leasee, hopefully you structured that well and setup and fund a new tenancy as soon as title transfers over to you so that the rights and duties of both parties were clearly laid out.If they arent in a contract any more you can give them a notice to vacate and the proper time to leave depending the local tenant landlord laws in your area.

I just noticed this post and if you are still in need of some recommendations let me know what exactly you are looking for in terms of investments I work with investors in the El Paso area and could possibly be of assistance. 

I've heard of IL strict deposit return protocol so either way give proper notice of intent to withhold in a timely manner.I withhold the days of rent it took to re-rent when I receive no notice. 

Private message me and les connect further.

You can use a private lender to purchase a distressed property, renovate it, rent it out and then pull 75% of the appraised value out during a refinance.

How much is an acceptable percentage for a ROI in 6 months on private money?  

.-- Look for opportunities to recapitalize, either by raising private money (unlikely this early on) or "collateral assignment" loans to borrow at, maybe 7.5% while re-lending at 15%.-- I keep doing this until I go from $60 a month to $830 a month, which would take 28 investments assuming they were all $5k notes yielding net 7.5%.

The way the contract is currently written by listing agent is the seller wants me to take possession and close 29 June yet the seller is to collect the last 30 days of rent which would be July's rent assuming a 30 days to vacate notice is used. 3.

The buyer pulled a fast one at closing ended up getting a mortgage from a private party.