I used to have new renters under contract before the old renter vacated about 80% of the time and vacancies were under two weeks for my hard-to-rent units.

The alternative of the first vacating their foreclosure plays to your hand in being able to foreclose and have your best shot at recovery.  

However the two main hurdles are convincing the underwriter you will occupy this new property, as well as using rental income from the property you vacate.

If its not in top condition, I would see about getting the tenant to vacate prior to closing.  

I suggest you give them 30 days notice to vacate (or whatever you are required in your area) and then go clean/renovate the place and start over.

So far it has been a great partnership for us.We are looking at some other opportunities in California for flips or Vacation Rental possiblities, but for now i think our buy/hold portfolio is gonna grow in Indy.

So remember not to be a vacation during this time or have someone you can trust to read for you.  

@Sunny Suh I am on vacation through this weekend, but would be happy to meet up sometime the following week or weekend (though hopefully everyone else can meet up!).

The current owner didn't use a formal walk through check list, but said he looked for clean when tenants vacated. 

May you enjoys many more business trips (vacations) in Florida.