You may not have to do a true eviction, this may be an “abondonment” situation or not.

So next you  have to consider your personal situation.

Account ClosedI had in 3 contractors to assess the situation.

Current Situation: I have identified a 3 family in New Jersey where I have planned to use an FHA loan I am pre-approved for.

So posting in off topic as I really don't know how this fits in, just wondering if anyone out there has been in this situation. 

You do not have a default situation.

Seems like a stressful situation for one house.

Could someone that have passed for the same situation share some tips...??

.$500,000 Value requires $150,000 + $22,000 Closing Cost so total of $172,000 Down + %5.4 APR 5 ARM + 24 months payments needs to be in the bank account which is approx $73,000At the end of the 5 years, the mortgage will be something around $322,000 so with the appreciation etc if we sell the house around $600,000 which - $172,000 - 322,000 = $106,000 NET max return.But if we go all cash , he can make Approx $225,000 ( total rental income + average appreciation)Or If we do All Renovation + All Cash deal =$550,000 investment in 5-year approx profit will be around $300,000If you'd have the All Cash Funds and if you would locate overseas so you don't have time but you also want to make profit , what would you do in this situation?

Closing on this home in April is usually a bad situation when trying to fill a student rental property. most leases are signed in October the year before hand.