If a tenant says they'll be there but then misses any appointment, I will simply install a contractor box whether they want it or not for all future appointments (it's in my lease that I can do so).  

However, I think the majority of people on here, if they went to Excel and used a few analysis formulas, will realize quickly the reason that flipping is so prominent currently is due to the lack of scalability in the real estate market at a certain point (beyond $100,000 homes) the effort vs. reward becomes questionable (not a steadfast/absolute rule, but on average it becomes more questionable...sizable risk vs reward). 

Plus abiding by the lease helps take some emotion out of the decision as you are simply following the mutually agreed upon terms and procedures.

@Erik Whiting  I get the U cant eat equity.. rationale.. but there are other uses for equity that are not really talked about on BP simply becasue 95% of the folks here are in one asset class rental houses or units.In other real estate endevours equity is a critical part to enable one to take down different types of debt IE construction and development loans.  

I know we can swing our construction experience into our resumes but besides that, the lack of experience will likely hurt us.

However, what I lack in experience, I make up for in passion, drive and work ethic.

He may be desperate or he may simply be a hobby landlord.

@Mendel RobbinsThere are free forms available on BP but I find them lacking in detail.

Capital gain - no problem as long as your intent was not primarily to simply resell as a flip like @Michael Plaks said. 

A refi like that does not simply put the refi proceeds at risk.