By itself, the $10k improved equity (on top of your own deposit) is NOT enough for you to be able to get your deposit back from your Lender by refinancing it later.Meantime, it looks like it should cash flow nicely, even though it's not getting you rich QUICKLY.All the best.

The contract should have had a financing contingency so you would be entitled to your deposit back  also it is very rare to close a loan in 30 days your agent should have had advised for  least 45 days.

I see Section 8 as being a great way to help with guaranteeing a portion of the annual rental contracts.The city of Detroit allows a max. of 1.5x the monthly rent to be required as a security deposit (to help pay for any damages that may incur).Also, I would required myself to set aside ~$1,000 annually (over 1x monthly rent) to help with any vacancies that may occur between tenants (see Annual Operating Expenses above).Upside:If the cash on cash wasn't enough to make your mouth water, then I offer an additional option of financing the property (post-rehab) in order to provide the liquidity required to repeat this process hopefully every 1-2 years !

Make it in their best interest to leave, like offer to pay a reasonable amount for their vacating the premises and leaving it in good condition, and maybe refer to the cash-for-keys as money that they could use for their security deposit.

As a landlord these are the types of items that must be inspected regularly and replaced when found so as to bill the tenant before having to deduct the cost from their deposit at move out.

Agent can list and not disclosed if they didn't go to the city to research it.So technically the agent did not lie.You can walk and get your deposit back.

Can we simply deposit the total funds required to complete the transaction to an attorney?

I will be delivering a 5 day notice to them today and I do have their deposit which I was planning on using for the bedbug treatment but now it looks like I'm also going to be out of April's rent. 

I send them the deposit info and put in dates for the deposits to be paid.

Im just looking for something that would streamline the process, rather than manually depositing checks.