We agreed on a price, sent over our proof of funds letter from our lender and also a letter of intent.

If they do, then they need to get you copies...If they don't, they they should be sent a nicely worded letter that they are not allowed to use it.  

They have been roommates in college as well and seem to get along fine.Application:Credit scores are around 700s, no late payments.They have jobs lined up in May.Have assured me that they will take exceptional care on the unit.I have letter of recommendations from school and previous employers.

Thanks Chris, but wouldn't I have to get a letter of explanation and have a huge down payment (more than 25%) as my last year's tax return does not show the raise in my w2 income?

Can I send them a letter to vacate while they are in still in the right of redemption phase?

In fact in the letter to vacate the bank charged off the loan.  

It would be about $900 to do 1 mailing through Yellow Letters.  

We have the 3rd in an LLC (just got it) and are working on getting the 1st and 2nd in the LLC and will buy the 4th through the LLC.Our first SFH we bought in 2012 for $85k with an 5 year fixed (balloon) in-house loan since we did not have much/any credit because we were still in college.

To prepare for the trip, I've gotten pre-apporval letter from my lender so that I can place an offer if I see an opportunity.  

Or hard money lender for the cost of most of the project and then pay the balloon after 13 months after the refinance?