If I bought it, he would be have a decent cushion to pay for part of his law school tuition.I am looking for thoughts and opinions.

You don't want the headaches of how angry tenants behave.

Click into the “Market Segments” charts to see the how the market is behaving.

Good renters with high credit scores and solid job history tend to have well-behaved pets and take care of any damages they cause.

I think I may be have been trying to avoiding the Variable rate.

They definantly can not stay.That would be the most logical approach if your intent was to flip however if you were to plan on moving in while renovating that would be a stronger case still to evict.If it were me I would be having the seller inform the tenant, or do it myself, that the new buyer is intending to evict him as soon as you take possession.

As long as you opened an LLC with your state, and are following the rules of how an LLC should behave throughout the year, then you will retain the legal protections of your LLC.

Presumably, they're more serious about their studies and won't be having huge parties that damage your property, they likely receive financial aid and will use those funds to pay your rent, and their parents will probably be a co-signer.  

I will also have a deposit on hand of $1,250 (one month), so that can also protect me against pet damage on move out.I am inclined to go with the people with pets, but I just finished this remodel and it looks nice, so I might be having an emotional reaction to animals messing it up?

I'll be having a conversation with my attorney.