I’m just getting started and looking to soak up as much knowledge as possible—whether it’s about finding good deals, managing renovations, or understanding the financial side of things. 

Germain Act and using a trust for subject-to approaches that may work for this kind of transfer, but I’m not sure it totally applies to my situation.

It sucks being a situation where you want to unwind a sale or have to lawyer up and go after the seller.

A STR is a completely different animal in my opinion, in that it requires more work and much more compromise, but financially is worth the effort. 

Quote from @Jason Hatfield: @Jaycee Greene  they require a non refundable deposit and give 48hrs to see proof of funds I would suggest developing a relationship with an HML/PML that would give you a "guidance line" that would basically be a "pre-approval" for situations like this to present to the buyer/auction company.

You can tell the tenant that they can ignore the notice as long as they follow through on paying.As the landlord you want to maintain control of the situation - not allow the tenant to do so.

The borrower's financials play a big part as well.

We have a solid system in Quickbooks and want to stay with that for financials.

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Regarding financials, the bottomline is the numbers should work.