After expense write offs and depreciation, you probably won't show any gains.

If you have the cash deposit, and you're getting $800/mo positive cash flow, along with depreciation, and expenses to write off, cash flow and appreciation...Fort Lauderdale is a booming area.

Also to clarify, in this situation they would write me a check for $38,500? 

. :) Writing this post is a good step and I’m sure you will receive plenty of advice. 

If you're doing an extensive rehab or asset re-position, a soft-money option can close in about 10 business days and you can write the offer like cash.

In the amendment, I’d include the new rent amount and new lease dates (I’d use the February dates since that’s when the Section 8 renews.I’d call and discuss it with the tenant before sending of course.hi, thanks so much  i appreciate your input. how should i write it up? 

Buying here means that it will be your principal residence and you will have some tax write offs, but most importantly will be appreciation here. 

When you write up the contract include a contingency that the home be vacant upon sale.

Most decent real estate agents are not going to spend hours writing up low offers for you.

I found it works best for me to write down all my questions early before the call.