@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.

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. 

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. 

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

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. 

If you're using the builder's contract form, rest assured it will be very one-sided in the builder's favor.3.

In general tenants with a credit score worth preserving pay all that is owed.

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

We took the reverse action and started lowering asking rents until they moved.I suspect the reason that one property of yours turned quickly is because your asking rent was very favorable vs. local competition. 

Either way its good to buy end of year as most builders and sellers are offering seller credits or builder credits to use towards closing costs or to buy a rate down to help get a lower payment.Even if you wanted to buy a strater home like a 2-4 unit as a primary again you only need to put 5% down.