I'm making up numbers, but if he bought the house for $200K and it is now worth $500K, he's made $300K. 

Purchase: $62K + Rehab & hold: $17K What made you interested in investing in this type of deal?

The payment is made with an installment contract which makes payments to you over an agreed period of time.

Perhaps I'm an old out of touch birdie, but if I made $292,000 a MONTH doing land contracts, I would focus all of my time and energy on that and adding to it.

I prepare an extensive number of tax returns.A big niche of my clientele is made up of real estate investors.

This can not be said about many 100k properties.Turnkey providers made sense IMO back in 2010-2015 when it was easy to find deals, but hard to get funding, so you'd sell the ones you could not get funding for.

I made poor judgment when I was younger because I was too quick to pull the trigger on some things.

I recently bought my first investment property with a conventional loan, but the lack of W2s and living overseas made it a bigger hassle.

I know its not what you intended when you made the investment, but holding on if the neighborhood is as bad as you described and doesn't project to have any appreciation events forthcoming is no better.

Meaning you cannot just evict a tenant because their lease has expired.You will have to build sufficient evidence admissible in court and to the satisfaction of a judge to prove good cause to get a warrant of eviction.Many housing providers kept high risk tenants on month to month leases so that if the tenant stopped paying rent, you could simply give them a notice to vacate and recover possession of the rental unit that way.The reason for this methodology was because the HSTPA of 2019 passed in NYS made it extremely onerous and costly for housing providers to evict due to non payment.That method under good cause will be eliminated.So you can still keep tenants month to month but you will need to document the lease violation due to nonpayment rigorously.How many times and how late is “good” enough?