Some questions I’d ask and get asked often1.) like others mentioned, a major question I’d  ask is how many rentals they currently manage to see their current workload and see if they have the bandwidth to take on more properties.

Everything you mentioned makes complete sense.

As I mentioned, as the house will not be generating positive cashhflow when I am in it, I will be saving for downpayment on my W-2 income.Sorry for the long post. 

That company supports foreclose bidders they produce a document daily on all the sales with same info I mentioned above and color coded certain props with extra caution Red or Green for ready to go bid with confidence. although this created uber competition. 

If you want to figure out the value logically, you can create a spreadsheet that will show your cost of financing and principle paydown on an annual basis to figure out the break-even date between the seller-financing price vs paying market price, but with bank financing.You mentioned a 40-year term, but is there a balloon?

I do agree with alot of points everyone has mentioned.

Should have mentioned this is on my personal residence. 

Also, when the late fee is listed in the lease agreement, the text mentioning the amount has to be bolded."

He often mentions BP. 

House rules, meeting requirements, and chore's to mentions a few.