@Ben Roberts,Here are the 16 items we use in the initial due diligence period. 1. 

Besides in a market like Jersey City, you will get another tenant easily, considering the notice period he has given you. 

I have a feeling people are over extending themselves just to get into these markets so that they don't "miss the train" and once rates start climbing....pop?!

I personally anticipate that to continue for at least another 2 years (take that opinion for what it's worth).Those who came into this time period with property have benefitted.  

Those lenders look for points, plus higher interest, and only finance for short periods. 

Of course part of the holding costs is paying the mortgage in the meantime, but that could be offset with any rents that come in.Whatever offer that was made, it would be contingent on an inspection period and approval of my partners (in this case, buyers).Keep in mind that if your seller (or buyer) jumps at the first price you offer, then you made the wrong offer.

Although with refinancing costs and seasoning periods, I don't know how quickly/efficiently this would actually play out.Any advice would be greatly appreciated!!

I would talk to them about then there pay period is and either set their rent to that pay date, or to set their renta and late fee to that pay date and tell them you will wait until the 11th (let's say pay day is the 10th) and if you don't have it by then you will begin the eviction process.

@Eric GriemsmannThis business is all about relationships, period.

If the purchase price is not equal to two-thirds of the appraised value, the deed shall contain a lien in favor of the defendant(s) reflecting the right of the defendant(s) to redeem during the period provided by law (KRS 426.530).