The tenants informed me that they are looking for a home to purchase and would like to extend the lease until September and then month-to-month until they find something.

Hello Suzanne,Check out United Properties: https://www.rentupm.com/*In-house Leasing*In-house Maintenance: including before/after pics*Leasing Guarantee - if a tenant we place vacates or is evicted within the lease term (12 months) we will place another for free.

Think: the renter pays all of your bills and gives you a few hundred dollars every month. 

Then you simply refinance in 12 months and transition it into a rental and if possible pull some cash out for the next purchase.

Even if you're not making much profit at the start because you're investing in a better area, it should work out fine.If you're losing $100-200 per month but have a stable job, you should be okay.Most people get rich with real estate through property value appreciation rather than cashflow.If you're comfortable living with roommates, you can purchase a house in a good area you like and rent out spare rooms.

I had a couple in one of our properties with dogs for a couple of months.

Hi John, I recommend reaching out to a local property manager (search on Google Maps) with many 5-star reviews to see what legal action you can take before the Sheriff is available to execute the eviction.Property managers specialize in landlord-tenant law and should be able to help you determine a path forward that doesn't require waiting 3 months after the lease ends.

I got laid off for about two months and everything fell behind (except our mortgage, we've never missed a payment always on time) but our credit scores are horrible.

Regards,MargaritaA warm welcome @Margarita Bozhenkova ~ current meet-up coming is https://www.meetup.com/folsom-...and https://www.meetup.com/rei-con...and @Sergey Tkachev hosts a meet-up on the third Tuesday of every month in W.

I completely get why condo associations need to levy special assessments and increase monthly fees, and specifically in this case to comply with the recently passed laws in Florida.My objection is to buying these FL condos as possible rental properties.Buying condos for investment is already a risky proposition.