Had the tenant not responded, or if they did but I won, I would have had to wait for the set out to take possession of the property.So, you really must have a discussion with an attorney in your area who understands local procedures and customs.

I could go up to (97% Max Offer) but, I’d need to have possession by the XX/XX/XXXX.

Again, the private lender gives us this money up front through a Private Note.After the renovations have been made, and we have been in possession of the home for one year (seasoning period) we take the private note to a local bank and refinance out at 80% LTV.

Many times the family, friends and neighbors that would typically be helping in such a situation are MIA as they've been used up in previous dramas.You can attempt to offer more cash, but be mindful that cash might not be what the seller needs help him move his possessions or set up his new living arrangement.

Meaning the bank would step in and re-possess the condo?  

Did I miss how you came into possession of the note (again, you are the bene or control it, correct)?

The exceptions are historical value, intrinsic value (for example, it you built using solid gold fixtures) or some other value the building or land possesses over and above the income it generates.In terms of measuring the value of the income stream, there re lots of compliicated ways to determine that, but it all boils down to these two formulas:Net Operating Income (NOI) = Gross Income - Costs/ExpensesValue = NOI / Cap RateSome very, very, very generalized assumptions you can make for a first pass analysis are:- Costs/expenses are between 40-60% of gross income- Cap Rates are between 8-12% in many parts of the countryUsing those two very gross assumptions, and using your income number of $125K, the value of the building will likely fall somewhere between about $500K and $1M.It's unlikely -- given the info you've provided -- that it would be worth the $1.2M you'd be spending.

Through my property manager, we were awarded judgement and possession.

Similar to the way you obtain possession of a mobile home.

Sounds like there was a leasing agent authorized to act as landlord's "agent" on his behalf, and the intent was clearly that the lease would be binding when possession was delivered.