@Ryan McBride Semper Fi!

That's why we accountants have the most job security after nurses and drug dealers.

@Stephen Diaz I am in the same boat as you are currently and the way I solved my issue was I went through a hard money lender and then took out a secured personal loan to come up with the down payment.

Here is the ONLY way I would hold it...If you do not have any other good applicants that can take the unit sooner, I would take a non-refundable binder payment equal to one-month's rent NOW, then all of the move-in fees (first/last/security/pet fees) when you sign the lease for October 1st, which should be within a week. 

How long do you think it will be before a state senator up for a reelection drafts a bill mandating working HVACs and repairs w/i 24hours? 

Yes, @Jim @Jim Cummings, what I mean by $1M is based on my liquidity I can secure upto $1M or little over that, of agency debt.

If they have to leave sooner, tell them that they'll be responsible for rent until you're able to secure a new tenant. 

And don't forget - if you want to sell your WRAP at a discount - WOW - more cash in hand.Oh - you may want to consider an unsecured mortgage or secure the seller financed mortgage on another property you own, now you have a free and clear property ---- just think what you can do with that.One more thing I should mention while we are being financial creative - when you get a new mortgage on the property, offer the seller a PAY-OFF at a reasonable deep discount -  you win again!

If you will be forming this corporation/venture with more than 2-3 partners, your are wandering into the realm of the securities folks and you will absolutely need the services of experienced counsel. 

Also, in the event there is damage to the premises that the current owner is not aware of, how do I know what the condition of the property was prior to the tenants moving in or if they are trying to recoup their security deposit by claiming that the damage was there prior to the tenants moving in?