So even if they see the NOI increase, can you really trust that cap rates remain so low?

Thank you for trusting us as your real estate agents.

I think on a practical level, I would send the tenant a note reminding them it is due on the first - not mailed by that date.

Consideration must be exchanged for a transaction to even be legal.I'm not a fan of land contracts because you don't own it until you pay it off, but some kind of mortgage/deed of trust via seller financing would be my go-to here @Daniel H TruexBe patient with the refi part.  12 months is nothing in RE horizons. 

 all awesome info...I relate to this as I am often out of country..I have bought through trusted eyes for a buy/hold, never a flip.....could you chime in on either..1.regarding an online auction purchase, and seemingly growing trend... they seem to all say "as is", no contingencies, no views, no diligence...how in goodness name can you confidently make an offer on an online auction w/ no walk through contingency?

But provided you trusted the association and the HOA fee's aren't more than home insurance, I think getting one to live in for a year with an FSA loan then renting in year 2 makes sense. 

I still trust people, but I also do what I need to do to protect myself. 

You need to be doing this type of analysis on each of your deals with this level of detail.

My regular contractor , whom I know and trust, has been overwhelmed and unable to do the work.

But people dont trust one another because the P&L's are unverified because its all cash and the taxes are sketchy.