If the first date [21 days after tenant vacated] always resulted in accelerated "expiration", then the language in the paragraph would not make sense.I acknowledge your answer, but I would appreciate if you could corroborate your interpretation with an example (with or without early termination) where the 60 day rule would come into effect using an alternate definition of "expiration", or with case law.

If the above expenses and rental income are correct this deal definitely deserves a hard look... here in NJ we can' t touch these numbers...Also, how are apartments?

We definitely run background checks & we will raise the rent to market value if the demand is there.

Then comes the saying, appreciation is icing on the cake and should not be counted on and I will say definitely, in some areas of the country. 

If I am ever in the area, I will definitely shout out to you guys. 

@Alina Tribug Thank you for your advise , i will definitely look into that.  

Definitely take @Richard Loniewski advise and open a credit card with 12 months, 0% interest. 

Also is there a definitive list of bad areas in LA?

BP is definitely the place to gain some insight.Could you potentially get some comps from a few agents for the buildings and renegotiate off of that?

Sounds like you have a definite plan, which is the hardest thing to do.