I had worked with the investor on other properties serving as his broker assisting in the liquidation of his portfolio.

It sends me and the tenants emails and notifications of things like when leases expire, when a tenant is late on the rent, and it create a variety of reports including reports for tax preparers. 

@Patrick Owens When I close on a property if I send a letter stating the following - I’m the new owner- management has changed X (if self managed or new property manager or whatever)- how And who to pay rent- how to report an issueS - (Florida rule) where their deposit will be heldi will then send out another notice about 60-90 days before their lease expires with their options going forward.

If they are in our system we have the template at our bank.. we make a request via e mail.. bank calls ME I have to give my secret code.. they run over the basics of the wire and send it out.If its a first time wire.. my office will call the title company or lawyer were we are sending funds.. and verify in writing..

I agree with many of the other replies, in that I do not encourage an investor to liquidate a retirement account for the purposes of investing in real estate when there are some options out there that allow you to keep your retirement account and invest in real estate.

Thanks,HeathHeath, I recommend reading the book E-Myth by Michael Gerber.

Thus leaving you with most or all of your cash still liquid.

Now, they want to liquidate the asset and get the property out of their pockets as quickly as possible so they can buy a new home.

@James E.

My questions for the group is (preferably anyone who is an attorney in this field): Is the lease even valid without a term or an expiration?