The "back" or "bottom" ratio includes housing costs as will as all other monthly debt. quitclaim deedA deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.rate lockA commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.real estate agentA person licensed to negotiate and transact the sale of real estate.Real Estate Settlement Procedures Act (RESPA)A consumer protection law that requires lenders to give borrowers advance notice of closing costs.real propertyLand and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.Realtor�A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.recorderThe public official who keeps records of transactions that affect real property in the area.

I would suggest screening all the existing tenants before you commit, if you can, if not get the PM to do that.

Maybe he committed the crime 20 years ago and is now reformed.

As long as you can manage right, you keep pressure on them and treat them right then it all works out just fine.As I'm about to get into long term rentals (I'm putting my first offer on 4 family tomorrow) my biggest fear is to have to be committed to go to my rental property at 12am and have to fix broken sink or clogged toilet.... 

Even with a 21 day contingency, you likely won't have a commitment to close from the lender in time.

Is a one year commitment and/or $1,000 early termination fee that OP spoke of normal?

Sure the sale failed, that's a pain, but $50k windfall was pretty nice, no wear and tear like collecting rent anyway.As someone who has a deal that the buyer got a bank commitment, and all other contingencies met, had my house locked up for 2.5 months, they backed out due to accepting a job in FL and wanting to move.

If you are going to consider this as a possibility, before make any commitments, I think you should see a therapist-- especially if you hope to maintain a healthy relationship with your family.

They are both completely different, require different skill sets and education, require different time commitments, etc. 

I personally took the classes to get a license and was planning on actually completing my license, (though never did because I moved to CA), in MA for a few reasons. 1) The cost was low, I think I only paid about $400 for the course.2) The time commitment was low, you only need to complete 40 hours of instruction.3) If I wanted to get a license, I could do so and hang it with a broker simply to help myself with my own process of accessing the MLS and being more self sufficient.Having completed the course I can tell you that you will learn nuances to real estate that you didn't already know.