By law, at least in LA, you are required to provide a 24 hour notice prior to entering the unit.

Too bad you chose a long term lease instead of a month-to-month rental agreement, because in Washington State (except for the Seattle area) we can use a 20 day (prior to the end of the term) "no-cause" notice to terminate a tenancy.

Section 12 (which makes me wonder if a UCC filing is a type of conveyance)"This agreement is personal to Buyer herein, and no conveyance shall be made of Buyer of the premises herein described, or any part, or any beneficial interest thereof without first obtaining the prior written consent of the Seller. 

It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.You are here at the Forum, but, should raise your mouse to the top and explore the otherheadings displayed.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site. http://www.biggerpockets.com/starthereSetting up Keyword AlertsHow to Use @Mentions on BiggerPockets25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions,take action to snag your first real estate investment deal if new or add to yourexisting holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"

You refer to the overvalued prices prior to the crises, right?

I have never given possession of a property prior to lease signing.

Typically possession happens at closing (like John mentioned, there are options in the contract that can be negotiated on for possession to happen prior or closing, but that is agreed upon when the contract is initially ratified).

So unless an agent is savvy enough to get the document executed prior to a problem, EM can be a pain to get.Regarding your situation, no one will hunt you down.  

If so much of our strategy depends on buying with good margins and doing a cash out refi, I need to properly understand income based appraisals and what to expect on the value/project a correct value prior to purchasing.  

The property has a section 8 tenant that is mo. to mo. and seller is willing to evict prior to close.