Each state has its own terminology, but recording a release, termination or reconveyance of the mortgage instrument should be effective.  

Hi all,I'm trying to dive into real estate wholesaling and would like to learn how to develop the instrumental skill of estimating rehab costs.

If for some reason he doesn't want to comply, you would be forced to foreclose on him.In this setting an installment contract, where you hold the deed until you are paid in full is probably the safer instrument or a lease option.  

Jay spent 30 minutes on the phone with me about a year ago and it was instrumental to keeping me out of some really bad deals.

Owning guns is a pain in the butt in CA, so I'm relatively light on the guns but have various bladed instruments staged about our home (that I own, obviously).The hoarding is the only thing you described that strikes me as unusual.This dude probably wants to do what is expected of him, which is not causing permanent damage to the property and pay his rent on time, in exchange for basically being left alone to quiet enjoyment of the unit.

@John Suralik  subject too is a very old and easy method of acquiring RE its not big deal. what it is is uber risky for sellers unless the sellers have already lost their credit and don't care and are walking.. the reason is you take Title subject too  the existing loan.. remember loans stay in place unless paid off and even though all debt instruments have alienation clauses they are rarely envoked.

We recently had a case where we contacted the Chicago public health department and they were instrumental in intervention and supportive in our efforts to have the tenant notified that the unit be cleaned or vacated. 

These types will never be professionals, they lack the mind set to be in business, they are the wheeler dealers, the back lot car salesman, the door to door brush salesman, the "music man" who sold parents on his "think system" to play band instruments.

You build a portfolio of assets with sound financials behind them, cash-flowing properly, with short term financing instruments,  leveraged properly, and then you go to a long term hold facility(small community bank, savings and loan, commercial bank, etc.), for a portfolio loan on the group of assets.  

"Risk taking generates growth by moving resources to enterprises which create future jobs and consumption opportunities.Without stable and transparent economic roles that allow and encourage a reasonable return for risk taking, growth will not occur, as even wrong entrepreneurs will refuse to take risk.Low interest rates do not encourage creative risk taking, but create just more highly leveraged investments in low risk instruments.