Ultimately I've found it easier to just take ownership over any situation.

Secondly, 1% is a good target but just as Pat wrote above it does depend on the loan amount.

It seems to me that based on neighbors and other peoples experiences with them, they will specifically target and take on people with criminal records and pets who don’t have a lot of options on rentals.

If so, make sure agreement is in writing, signed by both parties, specifies new end date and ensures any existing security deposit will still be dealt with properly per landlord/tenant laws, and I'd also ask for a partial payment to be issued at signing to make obtaining his new place easier.  

Hi @Kent Kettell, assuming you're running the numbers on your end, any loan offer that enables you to acquire the asset given your level of cash reserves and reach your target ROI at the expected project duration, net of financing costs.If you don't already have a useful calculator to assess cost and profitability associated with fix & flip projects I'm happy to share a copy of ours!

Start with an easier and more realistic project.

So for a good deal flow you need to market, your farm needs to be several thousand units large.Frankly, it's a lot easier to become an agent.To that regard I’ve seen a real estate agent spend half of what it would have taken to built a profitable wholesaling business and become THE dominate agent in our city of 135,000 people.  

I have started using a spreadsheet but I would like something that makes it easier to keep track of when I have sent the owners a letter or postcard etc; also to attach a picture of the property and some pdf's of county record documents.

@Shango Collier the sellers would need to speak with a lender regarding what proof would be needed to "ignore" the payment on a property where someone else is making the payment.Or it, might be easier to convince a lender to treat the Land Contract like a lease, so 75% of the income could be used to offset the PITI.

It will likely be more difficult to rent to a able-bodied tenants and much easier to rent to disabled tenants, possibly at a premium since it is (almost) ready to go.