If both parties agree (in writing) to terminate the existing lease then the vacating tenant would be responsible to pay rent up to the day prior to a new tenant taking possession and beginning a new lease.

That works out such that each investor's math would be the following:($140k) capital buy-in for partnership and possession of the property+$95k cash-out from refinance within 3-6 months Leaves ($45k) invested capital in the home, with initial equity at appraised value being aprox $65k.The current tenant is the other partners mother + boyfriend.

Get possession as quickly as possible, clean up the apartment, raise the rent to market, and try to fill with a better qualified tenant -- who is on a month to month rental agreement.  

Contractors that have more time on their hands than work to fill that time - and also possess the necessary skills are eager to do the work at more reasonable pricing. 

I’m no 1031 expert but if you closed last week and have the 80k in your possession then you missed your chance to do a 1031.

You CAN'T rob the person of their possession, you CAN"T coerce them to give it up against their will, you CAN'T willfully deceive them (lie to owner of a gold jewelry that you are an expert in jewelry and that their item is made of cheap metal, and etc.).

As a renewal, tenant already has possession, and had possession, before I purchased the building. 

Anyway, the major "con" for me is that low income properties will possess more headaches w/ evictions and maintenance.

But you're never actually in possession of the house.I would really like to see the contract you use so I could better absorb the structure of the entire deal.

Even if you don't have keys you can still take possession back.