I listed it for 289k and got multiple full offers the first day on the market.

When it's time for retirement they then move into the vacation rental full time and convert it into their retirement residence. 

The asking price for the home is 132k.OPTION 1 – Cash After Repair Value = $132,000 (estimate)Discount 80% of ARV = $ -26,400Repairs (Price per square foot) 1,190 x $5 = $ - 5,950Cash Price (seller pays closing cost) = $99,650OPTION 2 – Sandwich Lease Option – “Perfect Tenant Program” Term: Minimum 5 yearsOption Price (buyer pays closing cost): 125,500Option Consideration (non-refundable fee we pay you): + $500Monthly Rent: $950 (profit + $100 cash flow per month)Total profit (If completed full term): $132,000Note: We are the tenant-buyer, but we will sub-lease the house to another tenant-buyer.

so it comes full circle.  

So if you take one out to buy a rental, then the deal falls through you still have to make regular monthly payments out of pocket or pay the loan off in full.

Barely cash flowed.Class C-D tenants are hard to manage, slow pay, pot smokers, trash, it's always something2018 back to full occupancy, almost, at the end of May, now for the end of June, 5 open unitsDid I mention tenants can't hit the dumpsterAnd when they leave they fill the dumpsters with you name it. 

Found a 4-plex in residential area (population <3,000) about 45 minutes away.Purchase Price: $92,000 (MLS) Bank Appraisal: $99,000 (appraised "sale" value)Mortgage: 20% Down, 5/15 ARM (self-employed, first mortgage)Rent Roll: Full occupancy = $2,050/mo; currently = $1,630/mo (3 units with long-term tenants, studio unit vacant)Roof: No leaks but needs shingles in 1-3 yearsHVAC: One gas boiler, hydronic/radiant heat and hot water; no ACOther: 2500 square feet. 

It needs some renovation, is currently worth about $215,000 as it sits and about $285,000 after $40k of renovation based on comps.The deals are out there - however, if you are working a job full time, you'll just never find them.

Person A makes an full price offer, contingent upon financing, & Bob agrees.

Do I have to own the property in full (100% equity) before I can make these changes?