The tenants have been there for over a year, so obviously they have been careless by allowing inappropriate things down the drain against the terms of the lease.

In my example above, if I gave a hefty down payment on a deal and was sold on a contract with contingencies that out weighed the equitable interest that should have been recognized, couple that together with my having means or some relative having means, you can find trouble using the wrong or inappropriate contract.

I have seen the struggle for quality housing from both perspectives and genuinely believe someone could niche this market in appropriate sectors.

For example, I am terrible at billing my tenants for monthly water usage (in my state the water bills still come to the owner).  

Also, it would be written "eight hundred ten thousand dollars" not "eight hundred and ten thousand dollars" that's an incorrect usage of "and".

Maybe that's in appropriate for a 26 year old, but, then again, maybe not.

It sounds like this is a small deal and the prior usage of that commercial space was clean. 

Otherwise you could end up with the board restricting rental usage or imposing unreasonable terms.If you don't control the board, you also need to watch for lien priority issues.

Albans is the lower class tenants (lots of need based subsidy programs), and the overwhelming demand for Section 8 usage.

@Chris Pung - in Philadelphia, there are two separate taxes that are confusing due to similarity in "common usage" naming, and the real estate tax bill from the City of Philadelphia has an enclosed FAQ that covers this.