In many places, giving proper notice that you're not renewing the lease is perfectly acceptable, but specifics vary by location.Another option to consider is "cash for keys," where you offer the tenant a financial incentive to leave early.

So if you buy a $100,000 property at a 5 cap you in theory should be making 5%, after all expenses, on an all cash purchase.

I managed to do that through a combination of doing cosmetic updates and then refinancing out plus using cash flow to extract any remaining money left in the deals.If you want to be aggressive like that you'll probably be looking out-of-state.

In short though you're going to need a purchase agreement and could even use the standard real estate contract, and some people use a warranty deed.seller financing is when you don't have to give the seller some or all of the cash at closing, and then you don't have to get a mortgage (or as large of a mortgage) and you're able to make payments to the seller.

Do you have the cash needed to pay the attorneys fees, and the cash needed for the due diligence Inspections, and the cash needed for the earnest money deposit, et cetera.

I want to pull some cash out of the sale.

For example, which of the below metrics is most important if I'm wanting this property to cash flow? 

Purchase price: $178,000 Cash invested: $2,500 We knew we'd be in the area for at least four years, so we bought this property that has a lot of room for improvement to gain appreciation instead of sinking money into high rents.

Cash flow is about $250 per month, but I currently have about $140k in trapped equity in the property.

Or if they want a high-interest rate, and your numbers will not work at that interest rate, or if they really want a crazy high price where it will be difficult to cash flow and refinance in the future.