What if the new owner backs out of the job and gives it to their "regular guy", will the original contractor come after me for any expenses/materials spent?

If the alternative is wait 5 years for a down payment on something you don’t live in, you stand to likely gain substantially by moving on this decision now and collecting rent, principal pay down, appreciation, and tax benefits in those 5 years.  

That property was run down, smelled funny, and it looked like the cheapest materials were used in there which are just going to fall apart year after year. 

But when you are trying to compare how to spend money versus non-real estate alternatives like stocks and make sure the juice is worth the squeeze, IMO you want to do a proper underwriting. 

The material is interesting, there is no upsell, and you do get a fancy certificate by email.

However, alternative financing options come with higher costs and risks, so weigh the pros and cons before using them.Good luck!

The only "alternative" site - if you could even call it that - that has yielded a tenant for us was apartments.com.

Alternative finance or rent strategies can also present improved cash flow.  

Your mortgage payments may be fixed, but your taxes and utilities will increase, your maintenance material costs and labor rates for repairs have gone up, and your property is wearing out (appliances, flooring, water heaters, furnaces, roof, etc. all have a lifespan and will eventually need replaced). 

Research selling under a Land Contract or Structured Installment Sale- It's an alternative to a 1031 exchange that investors use to delay the tax man.