Purchase price: $55,000 Cash invested: $43,000 Traditional buy and hold that I scooped up back when you could buy a house in Fort Worth for $55k.

Purchase price: $55,000 Cash invested: $43,000 Traditional buy and hold that I scooped up back when you could buy a house in Fort Worth for $55k.

Cash for keys works pretty well too and may be your easiest choice of action.

It's nice that you offered to help, but it shows they don't want to move-- it's their choice, and actions have reactions -- eviction.   

It's a personal choice, but I'd do the same thing if I was in your shoes.Another option to consider is doing a cash-out refinance, keep it as a rental, and use those proceeds to BRRRR with.

I'm curious how others get past this hurdle considering many RE investors don't have traditional W2 jobs.

Just to be clear, the play here is to purchase a fixer upper for say $100k cash, put $20k into it, have it appraise for $150k, and then take out a traditional 80/20% loan. 

@Krista Burke Welcome to the real estate world; where there are choices to see what best suits your time and money. 

Is it a good choice to wholesale property with tenants inside?

The best way to handle a hard money loan if you do not qualify for a traditional loan is to refinance out of the loan after the prepayment or sooner if you do not care about absorbing the pre-pay into the refinance loan.