@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.

I included stats on percent unleveraged purchases and that many of those fairly low percent cash purchases in fact use unseen leverage HML, private lending, etc and some are short term cash holds such as a flip or a brrrr that gets financed not long after purchase.  

I'm trying to find a solution that is fair to everyone.

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. 

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. 

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. 

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

Hey James: These are note from an attorney that we use to evictions hope they help you.If you need exact notices may be I can paste them on here so they will help everyone is IL that needs to do an eviction.Eviction in Illinois Are Done By The Following Rules:There are some exception like the city of Chicago, Evanston & Cook County but the rest of the State Of IL is fairly straight forward.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

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