The truth is, the odds of being successfully sued for more than your insurance will cover is ridiculously low.

This is simply predatory in nature full stop.I have sold many of my OREO props on low down ZERO percent financing but they were at market prices and the buyers owned them free and clear in 24 to 36 months that works.. but long term contracts on these homes is not a solution for neighborhood revitalization just the opposite.

Revisiting this post, I would strongly recommend any service-based business where you can buy in at a low EBITDA multiple.

If you’re still concerned, you could consider installing programmable thermostats or low-flow fixtures to help control costs without relying entirely on tenant behavior. 

I figured later after I found out what the low bid was, that whoever got it lost an easy $100k. 

Starting rent-free is a smart move—it’ll maximize cash flow but high purchase price and a low down payment make it challenging.

A lot split with 3 year commitment to OO will be a slow scale, but for someone starting out it s low risk with solid expectation of return.  

I would like to install all wood cabinets as this house will hopefully sell in the low $200K's after renovation. 

In the off cases of 10-15% of our FTHB'ers they'll end up proceeding with the DPA low to no down programs.Hope that helps.

Throw in the fact that properties over the next few years most likely will have very low to zero appreciation and they probably do not get you a net of $6k a month even if you considered the principal payments you are paying down and lending right now is a far better situation to be in than owning property - just as the opposite was several years ago during very low rates and high home appreciation.