You can get the standard lease from your state, you might head to a PM and pay them a nominal fee to write it up for you.

This is a basic layout of what's happening in my head, but I'm wondering if I'm oversimplifying things:At Year 0:Value - $150,000Debt - $100,000Equity - $50,000At Year 1:Value - $156,000 (assuming 4% appreciation)Debt - $98,653 (30 yr. @ 5.50%)Equity - $57,347At Year 2:Value - $162,240 (again assuming 4% appreciation)Debt - $97,230Equity - $65,010My question is, is it possible at the end of year 2 to expect to be able to cash-out refi at ~80% of the equity ($52,008) I have in the property and recoup my original investment?

I would have a talk with the landlord and give them a heads up.

Your local apartment association or a really good tip is  call the courthouse in your town ask them what main attorney is on the paperwork of most of the counties evictions .

FYI: Renting out apartments/condos/bedrooms, etc for a profit is illegal In most states as well as condo associations.

@Nicole HeasleyNicole hit it on the head.

Otherwise, I would start with pulling out the equity from my other property or selling it in order to get more funds.Maybe I'm just in way over my head.

Tailor Rens at Krug & Rens is very active in the Milwaukee Real Estate Investors Association. 

Hi Thomas, welcome to BP from another Buffalonian, not sure what the draw is to Florida over our snow though...lol.My wife and I are hoping to eventually head south as well someday.  

It is currently rented out, but given there are no pictures and we can't enter that these are problem tenants.We're worried that we might be getting in over our head since we don't know the condition of the inside.