You can also send payments to credit card whenever you have spare money.

So far mostly people are telling me I'm probably stuck until their lease is over. meanwhile I also need to pay down my debt and improve credit score. 

@Geovanni Cano sellers don't like FHA, it is meant for people with little money and very low credit score, plus you have an FHA inspection which can derail a deal a week before closing, nothing the buyer can do.

Most people are poor and can’t both develop the land and convert to buying the land from the government.  

Typically Conventional will end 42% of DTI and FHA can get up to 51% DTI (and based on your credit score I think you should stretch to that 51%) Just a few things to start thinking about as you are working through the process. 

Why set a 600 credit score if it's negotiable?

So act quickly, do as the others are saying and screen him according to your standard criteria. credit, references, eviction history, etc.

CA there is NO possibility of a deficiency judgement on a purchase money owner occ loan.. borrower can walk and the worse that happens is their credit will have a foreclosure if the bank goes that route or a deed in lu. 

The credit unions tend to have lower fees and offer solid business products.

That way, you might preserve some of your monthly profit while still knocking out that line of credit.