And if your thinking home values wont see significant rise, I would look for better cash flow numbers. 

If you are buying the home from a turnkey it wont happen but maybe if you find your own deal and do the renovations it might be possible.

When they leave, by choice or by eviction, the houses usually need a few thousand dollars in rehab, even though the tenants may not have deliberately destroyed the property.

Personally, I am willing to pay cash to get tenants to leave quickly and without destroying things, but I know many others are more frugal - the risk of the judgment against the tenant may be enough to get him or her to leave without actually filing an unlawful detainer lawsuit (aka eviction action).Although I have never been in this situation, I imagine that the seller may not be willing to do more than file a 3 day notice - i.e. file a lawsuit because they might risk being involved in litigation following the sale of the property - remember, the seller is selling this 4-plex so they don't have to deal with this nonsense any longer.Please let us all know what happens here!

I tell the seller up front that I'm an investor and so I wont close on the real estate contract until I find my end buyer / tenant buyer.

I forgot to mention that I work in NYC and wont be driving to work.

The suggested ethics of getting yourself into due diligence to then try and flip the note to another note buyer will quickly destroy your reputation in addition to it's own mile high barrier for execution in a general sense.  

I purchased a duplex in a low income area last year and I did things like extra coats of poly on the hardwood floors, reinforcing the towel bars, shower curtain rods, and toilet paper holders, replacing destroyed vinyl flooring with real tile, replacing stove surround paneling with tile, etcetera.  

i am really excited to learn something new. except habitat, does anyone else sell cheap mirrors that wont fall apart?

The attorney said "you might get lucky and Bob wont even respond to the suit - you could win by default woohoo!."