I would let others know when you have a deal locked down so that if something awful were to happen and you were like $8k short of finishing the project, they can loan the money and receive some equity.

I assume I can simply change the locks, and tow the cars he has in there.... any thoughts/suggestions?

I’d refinance them all, lock in the lower rates, and use the money to get into a multi family.

He locked in at 5.25% with 25% down at a purchase price of $220k.

How would you have 2 EMD's locked up at once if you get 2 offers accepted?

We also like homes with basement apartments (or at least lock-off basements) where you can  rent the lower half long-term or on Airbnb as a short-term rental. 

Financing long-term can be a barrier to negotiating better deals since you can't come ready with cash, however, it is advantageous to lock in these crazy low rates right now for 15 to 30 years. 

However, you want to make sure you are adequately prepared to screen tenants by checking background and credit history etc. as well as have a lock solid lease agreement to help protect you.

It’s pretty easy, and you can lock in the low rates we have now.  

Many large corporations lease real estate on 10YR, 15YR, 20YR, or longer leases, which locks in their rent payments at a fairly low rate and provides security for you as an investor to own a consistent piece of cash-flowing real estate.