The low rate was a personal favor to someone I know, and after one year the rent will go back to 1300 and stay there.If I'm doing this analysis correctly, I believe I'm projecting a negative net cash flow.

It seems to me that there may be something else out there that may be a better fit for you at this point, though granted, I don't know your personal circumstances (wife, kids, etc.)From my perspective, it seems that if you don't have the cash to put down on something, then you have few options other than moving and getting favorable down payment terms.

Any recommendations of local banks favorable to real estate investors?

A tenant that just disappears without doing any damage is doing you a favor.

Do yourself a favor and follow up with what this gentlemen posted!

First of all 21% cap rate is a great but always do your own calculations to be safe since realtors tend to inflate cap rates to look more favorable.

Still, I'd be in favor of getting an assignment, declination to serve and nomination for appointment.

Every tenant has a right to quiet enjoyment of their rental unit and unless you have a well documented case in which you've sent them several certified letters (or emails to create an audit trail) don't go and try to evict or chances are the judge will not rule in your favor.   

I have been VERY ACTIVELY Wholesaling since last August and by the favor of God have been super successful at it. 

I would ask around and see if someone else is more favorable.