I bought a 1st position NPL on a home in Tulsa OK from Granite early last year and found that the borrower already vacated. 

I wanted to get into wholesaling for similar reasons, I want to progress into flips, buy & hold, and vacation rentals but need to build on the capital. 

You can deduct personal expenses on a vacation home for the portion that you use it on schedule A, subject to limits on mortgage interest deductions, and AMT.

Buy it, tell them they must serve notice for him to vacate immediately, and move forward.I expect you intend to hold the deal? 

I purchased a condo in 2015 with the goal to use it as a vacation rental.

if you own these properties free and clear than sell them.. do an emergency vacate for you tenants and owner finance them with 10% down and sell them at 10% above market value to make up for the underwater

It now seems that the perimeter of the building is stable due to the piers, however there was some sort of plumbing leak under the slab in the one downstairs units, which washed out some more soil, and the slab collapsed by as much as a foot, rendering the unit inhabitable.There is a quote on hand for $22k from a foundation repair company to take out the collapsed slab, add some new soil, compact and pour new slab (all of which they supposedly can do without vacating the other 3 units), and another quote for about $130k to redo the inside of the affected unit, and correct other inside and outside cracks around the building and the other units.

Once the mortgage is in place you can spend it on whatever you want, a new car, a vacation, repairs or a property in the USA.I know this is not exactly the answer to your question, but if you have equity in a Canadian property you can get the funds.

Then the money is secure but not spent in advance in case of emergency and the tenant must vacate - extended out of the area medical treatment, care of inlaws or locates employment. 

During his last vacation, Arnie was talking to my Dad and he said he was so damn proud of me, especially the man I had become.