@James Wise  Per your request.Coming out of the late 1800s most of the major west coast cities that we know and love like LA  SF  PDX SEATAC were all subdivided by the same engineering firms  at least SF and Portlandia were.. this led to land speculators in the day going out into the Western deserts and other remote areas.. buying what were large land holdings , Spanish land grants and other lands that were not govmit owned.. then in the day you could simply create massive subdivisions buy doing basic surveys off of the base and meridian lines.. which all of the west is surveyed off of... this is called section land.then create these massive tracks of lots.. some were like up in the apple valley, Lancaster,  Barstow type areas mainly 5 acre tracts.. and were done on a grid pattern.. streets in ( mapped but not built)  and of course spiraled out of a small little town off the railroad track or the few roads that existed in those days.. you took your map and recorded it at the county, county was happy they just got 5 thousand lots they could send out tax bills on..

I can't wait for you to get started.

Both were month to month, so I simply gave them 60 days notice after I closed (seller wouldn’t do it prior for some reason) and I had to wait until they moved out for me to move in.

@Ryan Boren You can cash out 70% of 40k under delayed financing exception or wait 6 month and cash out 75% of 40k on 1 unit.

I am sure his security deposit will be used up on junk and trash removal, cleaning, fixing everything he broke.2) Among the things he left behind were a huge nitrous oxide tank in the bedroom closet and six boxes totaling literally thousands of steel cartridges that say "ultra pure" on them. 

What else could be lurking waiting to breakdown? 

@Andrew Pettit You have to wait 6 month when you are using HML to cash out under conventional loan. 

We are already pre-approved for the loan and are waiting for her to contact her lender for next steps.

Should I just wait until I can start doing rental property investing with cash on hand?

Just waiting on his CPA to return my call to advise him on the deal.