Based on the information you provided, I show PITI of $927/mo, of which $644/mo is principal and interest.Using 50% rule, you would make approximately $56/month cash flow.Using 2% rule guideline, you're at only approximately 1.05%.These are both guidelines, of course, but the numbers look quite weak.

Without a deed in his name the new owner is in a weak position.

I also miss my family, and due to the tropical weather and molds/funguses here, I've been dealing with a chronic scalp & skin condition that will not resolve itself (medical care here isn't that great).I always tell people who want to move here, come and live for a year and see how you like it before you buy anything or ship all your stuff over.

I would make sure you are showing to only good candidates so you don't bother the current tenants for weak prospects.

The "satisfactory inspection approval" is super vague, not sure if that is a weakness in the contract and not sure if I really need it if I ask for a 5 day inspection period.3) If the bank sits on my offer for a long time, can I get out at anytime before they accept?

I was the weak link even though I thought i knew everything at the time.

You cannot go after occupants for monetary damages, so even a weak person is better than no person to chase.

. : ) That strategy gets weak results.

But it is your property that's encroaching on his, so I think you have a weak position legally. 

Connect with wholesalers and let them find you the properties, you may get a better deal than you would off the MLS and that is their strength and maybe your weakness.