And he should--anything bought in the 2011 to 2014 time frame should have produced some pretty outstanding returns given that rent growth in many markets (especially TX where it appears some of his investments have been located) has outpaced even the best forecasts, and cap rate compression has boggled the mind of many.I know that all of the assets I acquired during that period performed enormously well, throwing off actual IRRs between 28.7% and 63.3% for hold periods ranging from 21 months to five years.Even assets acquired in the 2014-2016 era have, in many cases, performed beyond imagination. 

"do you want the money faster or would you prefer more money over a longer time frame?"  

I did not see a management fee listed in expenses, even if you self manage, include at lease 5% of the gross income and you have vacancy listed at 3%, a more conservative approach would be 7-10%.Good luck and please share your results once you have completed the acquisition and rehab.

Example: 4 plex in a decent part of town setup as follows...Unit 1: 3bed/2bathUnit 2: 2bed/1bathUnit 3: 2bed/1bathUnit 4: 2bed/1bathThey want 575k for it w/$8,100yr taxes.. after doing the math on the property it was going to cost me around $4300/month in expenses, but only bring in $2550/month in rent.. just doesnt make any sense.. most of the decent area multi-families around me are negative cash flow like this.. the investing hype has them pushed way over priced...

What is your friends goals, risk tolerance, resources and time frame, etc. 

If so, is there a inexpensive, legal alternative to break the lease and tenants part ways with us, instead of eviction?

At the higher end of that pay scale, it's perfectly doable in a longer timeframe, at the lower end, not so much.So here you with a mortgage, like 65% of homeowning Americans, and a car payment, like 90% of carowning Americans, stating you're not particularly good at saving and wanting to go into real estate and come out in five years (plus education).I think your plan's ambitious, perhaps a bit too ambitious, but that doesn't mean it's not doable.

My advise would be to try to work it out, re-define some time frames, but be flexible with those as some things, like permitting, weather, etc. really are out of a contractors control.  

It is inexpensive and you will get a judges opinion. 

Small claims court is easy and inexpensive for any landlord to pursue.We need more stand up landlords like you to help turn our business around and protect the new investors from bankruptcy at the hands of these type of socially irresponsible criminals.Tenants must not be allowed to continue to steal money from us and walk away without consequence.