I am thinking so many random thoughts/questions right now.Do you have any training yet? 

I think it's okay to leverage your equity if there's no worry about paying all your costs and you buy something in an area that's easy to rent (somewhere close to the sky train).  

We have been doing training and going to seminars for the last couple months.

The neighborhood is near the Fern Rock (Broad Street Line) train which is a plus people say.

I've been snooping around this website for around 1 and a half years and feel its time to start asking some questions that pertain to the goals I desire to shape towards being successful in Real Estate Investing.One of my goals is to earn my Real Estate License this year and to under go training through Keller Williams.

Since you're a short bus/train ride away, I'd make a weekend out of it and visit the neighborhoods yourself.

Could be a stall tactic...I.E...he fools you into not evicting or starting the eviction process because he "claims" he is leaving.  

I also think that there is some value in the training.

@Ryan McEniff based on my education and training when analyzing a deal I use the following for operating expenses: Check with the local area you are buying by asking the local experts, but as someone who is a real estate Broker in CA, our average closing costs on the buy side for a buyer will run between 2%-3% of sales price (most of that comes from lender origination fees). 10% vacancy (most deals I see when being offered for sale are between 5%-8%, but if it pencils with 10% I know I'm probably covered on vacancy)10% for property management (until I know exactly what the PM fee is then I would modify, but average is 8% to 10%)5% for R&MActual Property TaxesInsurance (Get quotes from 3 companies and take the average)Landlord Utilities (12 month average.

Somebody should include that in every real estate agent training course as so many have spread this silly thought process to buyers.