I suppose it is analogous to the ownership interest in an installment contract for deed being considered a sufficient interest to be real estate.

It should not be your first choice to just close the app. because you have already made it this far into the process.

However since you're not the owner yet, you may not have a choice (unless it was written in the contract).

I'm still not sold he is the best choice because he's not pro-active.

The BRRRR strategy is still existent these days it just takes more due diligence on the property of choice as well as the market.

Could be that you don't need to move them to a business account and just show you've had them for 60 days and it could be that you don't need to season them at all, just a bank letter saying you have the funds available is sufficient. 

If you have sufficient reserves, most problems associated with rental property investing can be mitigated!

@Gurjot GrewalWhat you call a mistake is not a mistake....it's due diligence.The deal didn't work out because you made the right choice based on your due diligence. 

Having an eviction on their record will make it harder for them to find a new place, but that is their choice since they broke the lease and don't want to leave.

Could your equity/profits have been better if you had invested it in something else.It’s a choice, I agree with Account Closed I would use this concept to pay off high interest credit cards first before I conducted an analysis on where to spend my money or invest it.