I'd add to that--depending on what you do with the profit and how you handle any taxes.  

I'd check both of these.

Also, it shouldn't stop you much from acquiring a property as there are plenty on the market.What specific Neighborhoods are you focusing on?

In either case, I'd be looking at markets with a growing population (demand), a shortage of inventory (supply), and a market that has a net positive importing of jobs with wage growth.As the Fed's a poised to make some moves with interest rates later this year, the question still remains to be seen what they will do with their QE/QT policy on their balance sheet as that will affect long term 1-4 unit rates. 

You should work with an agent to get the paperwork square and make sure you don’t miss any important deadlines, but you can definitely make an offer prior to the prelim and walkthrough, and leave during the inspection period without risk if you see anything you don’t like.If I were you, I’d offer 60% ARV, which is likely close to FMV in as-is condition ($180k).

Like someone else mentioned your post isn't clear on what their current lease status is from your purchase, but assuming they are MTM and you're placing them on an annual lease, I'd just go ahead and terminate.

From there, I'd like to expand in the STR market but as I learn, I'm open to other options.I love the Boston area but it's so expensive here and I don't know how to make that profitable.

Let us know how the rental performs in a year - I'd be curious to know.  

@Austin Elm I'd love to learn about your MHP in SD!

I'd definitely make offers on every deal I'm interested in.