Though a lengthy introduction, I felt it would be best to give everyone a solid base to ask questions and begin a solid discussion.

. :( Any advice to deal with this situation without lengthy eviction process?

I really like that the term length is in month not years.  

First of all thanks for reading this as I realize it is a bit lengthy.

I have a lengthy Legal Opinion, from my seasoned Legal Team regarding this matter. 

Sorry for the lengthy post but i just needed to rant.

The reason for the lengthy monologue is that the effectiveness of the partnership has a lot to do with the hyper-local focus. 

Sorry for the lengthy post, but dying for some clarity on these issues.

@Alex FreeloveArms length is when you're complete strangers and have no business interests (like employer/employee).Non-arms length is like buying from a family member or someone a business interest.Non-arms length sales below market value can be scrutinized by the IRS for equity gift tax by the seller.On the opposite end of the spectrum, non-arms length transactions are also an issue if the seller is underwater on the mortgage.FHA also has some LTV limitations of 85 percent maximum for identity-of-interest transactions on principle residences.Friend to friend is probably a non issue,  but it could come up.

He hasn't yet submitted a formal application (he wrote me a lengthy letter explaining his story), so I don't know his credit history, but I'm unsure whether to proceed even from this point.