For my first flip I do plan on doing it myself so that I can completely control the ARV and to get a better grasp on what it takes to flip a house.

Schedule the work, plan it, start moving things in to complete, etc.You can narrate the situation meantime as communicating hope that you can still work things out with regards to rent, etc - seeing a place become nicer can also motivate someone. 

In the meantime, please completely fill out both the Rental Application (included with this letter) and the Lease Agreement.

I believe the deal was completed easily because I am a real estate broker.

I have a contractor that agrees to use his own money to complete the rehab.

What's fair compensation for my work sourcing the property, designing and selecting the improvements, working up the pro forma and budget, and managing the work to completion?

Most people have to use hard money lenders to get financing for flips, and once they’re complete they either sell the property (usually within a year of purchase if everything goes well), or they’ll refinance it into a traditional 30yr mortgage (search ‘BRRRR’ for more on this strategy).Good luck with your first home!

When current tenant is ready to move on, or after several years we may do a complete rehab.

When current tenant is ready to move on, or after several years we may do a complete rehab.

The house had solid bones, but we negotiated on some of the negatives: it had been sitting on the market, it was dated inside, and it had a potential foundation issue (completely checked out prior to closing).