You can't sell it to two different people...at the same time...and, you can't have what would amount to 2 first position leases at the same time.You can buy it on an option since the option has no lien rights...you're not buying it...yet. 

I finally found one where I've made an offer and the seller accepted (a few days ago) I just want to double check that you guys think this will have positive cash flow.

In reality, you're still not in too much of a worse position than you placed yourself in, because after all, it hasn't been coming out of your pocket (so far).The question remains: do you still have any equity left in the property?

UNLESS, and that's a big UNLESS, its on a prime block and already being professionally managed with a positive history for at least 2 years.I like @Jeff Burdick's recommendations. 

Seeing first hand the positive changes this made for her, I have to admit I understand why she wanted the dog.

Know your position in the market.

Judgement will impact the transfer of a warranty deed upon refinance and official closing down the line. 

Min CF/Year                                                                                    =    $ 130kCost to do this (Tenants pay off all mortgages using rent)     =   $     0kNet result                                                                                        = - $ 130K (that's positive CF/Year)  

It does cash flow but primarily because the equity position is high and the prop 13 savings.  

@Austin Hey man good to know someone else is in the same position as me too!