@Ramada Evans- 1) if buying as a rental and  financing it - your down payment will need to be a min of  15% of the  purchase price   ( so thats either  30,750 at 205K price or 32,850 at the 219K price ...so  not much of a down payment  difference   2) if it appears that there isnt much competition  or interest in theproperty - the lower price might be OK   3)  you might also consider   asking the seller for a seller  credit you can use towards some of your loan costs   4) get pre approved  if you arent already pre approved 

The down payment to acquire this sub to is $25,000. so you give them $25k, you take over a $70k mortgage and they are going to pay $165k in a few years - if you will not do this deal send it to me I will do it. 

I would suggest buying a storage shed if they currently use the garage.

Also it meets the 50% rule. 30 year mortgage at 7% is a payment of approx 323. 925 rent - 462 (operating expenses)= 462; 462 - 323 (debt service)= 139 cashflow.

My thought is is use the Rent Ready feature of reporting his payment history to the credit bureau so it can work in his favor as a trade line, but I'm wondering if this is an unnecessary added step since he can already pull transactions on his bank side. 

I simply take a picture, text it to the tenant and they add the payment to their next month’s rent payment.

Mortgage payment with 25% down is $1,011. 

That entails removing it from the lot and placing it in a storage area.

They will normally have some pre-payment penalties in the first couple of years but if you are keeping long terms that's not an issue. 

Even if you fail the first time (pretty much every inspection I've had the person finds something to flag) they don't cut off payment until they have come back out a second time.