Find an attorney who you trust and can help you strategize.

Most people never actually buy the home, so they forfeit the down payment and move.

As far as payment, all I wanted was my time covered and I charged a lousy $100 a month.

they probably have a bunch of 3% nonconforming loans on their balance sheet so 5.5% is not bad, totally reliable payments, plus in a legal battle they'd likely find the power of attorney didn't extend to the ridiculous term and that there was no breach of any enforceable agreement.   

I don’t believe a tenant can stay forever, and I can cover the extra payments and lawyer fees for up to two years for the tenant who will be harder to remove.

He bought the property pre COVID, so his cash flow is definitely going to be different than what mine will be.The question I'm wondering if its a good idea and if the numbers make sense.Purchase Price: $100,000Down payment: $20,000 (20%)Current cashflow: $900Property manager: $90 (10%)His expense for 12 months was only $1,430 (inspections, repairs, management, eviction services). 

Purchase price: $242,500 Sale price: $430,000 I used private lending to cover the down payment and closing costs, then paired it with a hard money loan to fund the project.

Now this might be controversial and some people may disagree with me (even some of my coworkers here at BiggerPockets may have a different opinion which I completely welcome), but I really don't think you should invest OOS in this current macro environment with less than $100k (down payment + reserves).

I been looking to buy my first rental property I already got Pre-approval loan, down payment and criteria for the house.

. - We almost feel sorry for the foolish/naive DIY landlord that inevitably falls for their sob story and accepts them.We have had 2-3 that have gone through our process and so we accepted their multi-month payment.