Hey Joe thanks for the mention!

https://www.biggerpockets.com/blogs/9145/59865-div...https://www.biggerpockets.com/blogs/9145/53959-vet...booksthe bible that every recommends is Investing in Real Estate Private Equity by Sean Cook.   

The first step is the notice to quit, as mentioned by a number of the posts above.You ask an interesting question about what about the situation where it is postmarked the 9th and you receive it a week letter.

@Joseph Scorese should be happy you have mentioned his group.You should look into DIG http://digonline.org/Joe is a member of DIG too.

I heard someone mention on one of the podcasts that his commercial loans can be refinanced almost immediately upon completion of the rehabbing. 

Come to find out the GC used a 4 letter word I won't mention here when referencing his sub.

You mentioned you dont want to go to arbitration or court....almost no one does as the cost of doing so far outweighs what anyone typically has to gain in suing for specific performance.

@Charlie MacPherson Yes all the things you mentioned apply to this transaction. 

I like the standard 1% math using most of what is mentioned here with monthly PITI be 0.5% and let vacancy, repair, property manager be the other 0.5% (unless it’s a condo with a steep condo association fee).

Until I discovered out of state investing and worked hard to overcome some the obstacles that you mention, I really wasn't even able to work on my passive income.