Less commonly, they can sue for specific performance (this is more likely a purchaser remedy in the event seller balks at closing). 

If you can show the IRS that you bought it and some circumstance required you to sell it without it having been the plan all along, a year or 2 may suffice, but under the scenario you put forth, it's probably not a good idea.

Anyone from the OKC area dealt with this type of scenario? 

Which scenario would you feel peace being in? 

Robert,The questionj is a common one when in Insuring Real Estate.

If you own properties in a partnership, it is fairly common to do quarterly distributions, not monthly distributions.

Yeah, I don't have a 1% payment every month.. but valuable lessons in your scenario for sure.

Did you have the non-occupant scenario as well?

Paragraph 6 of the standard deed of trust has an out for unforeseen circumstances, but talking/thinking/writing/etc about it months ahead of time makes it pretty clear that "unforeseen" does not describe this scenario.

Is this the correct way to do, common practice or safe?