If the market goes South and they need your money, then they can call the note and you have to pay the full 10 or 20% (whatever that second mortgage is).

My lease also says I am authorized to show it to potential buyers or renters with proper notice.Some tenants fight this and I typically let it go because I know they'll sabotage any showings anyway.

Of course this has to be serious and with solid proof and a judge probably still won't allow unless its more life threatening, If they do not have a lease, then move forward by giving them a 30 days notice to quit ( a full month term) as you are not renewing because you have that relative that is going to move in. 

My goal is to obtain $70,000 in passive income with a long term buy and hold strategy withing the next 10 years.I want to achieve this so that I can comfortably travel the world and gain life experiences, spend more time with friends and family, and pursue any other goals or interests without having to rely on a full time job.

@grayson gist...here's the full article

@Jonathan Greer are you planning to roll into closing with a briefcase full of benjamins?

@Pedro TorresWelcome to BP.I recommend connecting with a property manager in the area to get the full scoop in terms of market rents and vacancy rates.

We have a couple of guys that do it but trysting that they have done a full winterization correctly is another matter. 

I complete the full house sale contract with the addendum, and take a substantial earnest money.I include that the earnest money is non-refundable in the event that the lease expires.

It is now producing great cash flow, and it should gross around 32-35k on the full first year.Lessons learned?