I have no idea what document your tenant gave you, but I don’t think it would satisfy your burden to provide the proper notice.

Something used to rent for $1,200/mo a few short years ago is now renting for $2k/mo while the debt service and property tax remain almost the same.

The payment is $1108 per month.The remaining balance is $88K is still on the ARM but we can lock it into a Fixed Rate of 2.4% if we do it by July 31st at a monthly payment of $334.THIS IS $88k REMAINING TO USE FOR INVESTMENT PROPERTY!!!

Now its your job to remain in contact, meaning keep sending postcards or letters to your list.

If you have a great working relationship it will make it that much easier to add subsequent properties while still remaining (largely) hands-off.  

I've come across a home that was foreclosed upon in July 2015, but remains unsold. 

@Sarah NguyenFirst, you need to make certain the two remaining tenants are capable of carrying the lease on their own.  

    - This would be my first property, and location does matter, much more than a pure investment propertyI would not be satisfied giving this up without a fight.The question becomes: what can I do?

Why are you allowing a tenant with two large dogs that have broken loose multiple times and attacked the same neighbor twice to remain in your rental unit until May 31st?

Buying 'subject-to' and the remaining be funded through a conventional loan.