My understanding is that the VAST majority of PM's send monthly reports.

Provided OP will owner occupy and there is sufficient equity in it, this can be done with <$2k cash to close (inclusive of down payment and all closing costs) and no PMI.

This a network of a few thousand highly skilled Brokers specializing in the commercial / investment world, the vast majority of whom own investment property.Best wishes

@Cameron Belknap FHA loan rules in HUD 4000.1 mention not counting the basement as part of the Gross Living Area; however, part of the FHA requirements found in HUD 4000.1 includes a section on “converted spaces” which states:“The Appraiser must treat room additions and garage conversions as part of the GLA of the dwelling, provided that the addition or conversion space…is accessible from the interior of the main dwelling in a functional manner; has a permanent and sufficient heat source… and was built in keeping with the design, appeal, and quality of construction of the main dwelling.”Furthermore,“The Appraiser must analyze and report differences in functional utility when selecting comparable properties of similar total GLA that do not include converted living space.

If someone had a live(1) deal that needed it in my state I'd do it, but the probability of that happening is sufficiently low that I'd much rather let other lenders waste their time with trying to get to that point.

The vast majority of service members follow rules and abide by all the terms of their leases...but there are exceptions. 

@William Huston those numbers seem sufficient but not great.

@Gene Walker, The former owner can raise this issue in several ways.1) They can provide sufficient evidence to the tax collector to persuade that person to declare the sale void. 

@Michael Lear obviously “getting your money back” isn’t sufficient but I doubt the removal cost and the actual damage of their failure should exceed 10k.

@Chang Hee LeeUsually, just a letter explaining who to send the rent checks to, how to handle requests, etc is sufficient.