I would ask this question in a thread which deals with seasonal markets, since you may get some creative responses.My market is technically seasonal (I do have 90%+ occupancy year round) and we evaluate properties with a 50% vacancy outside of the town I live in.

If it goes to court, technically the one who moved out broke the lease and is also responsible.

You'll need to weed out a lot of people though and make sure you tell them you're doing a background check. 

Your thoughts on the timeline, number of steps, and the president's background are probably spot on.

If you maintain solid financial statements, you will be able to sell that property in the future a lot higher because you technically increased its value (regardless of the market) because of the increase of its Net Operating Income.  

I'm new Realstate investing, My background is not in Realstate.

He technically purchased it no-money-down, but be sure to factor in the cost of a secondary loan when determining how viable the investment is.  

still good potential for families looking for a home to rent and prefer more privacy. depending on the home, area ,etc. maybe a better caliber renter and less turnover of you can find a long term renter. make certain to still do background checks and try to get them to maintain the lawn, etc. they should pay electric and heat but keep the water bill in your name but still try to bill them for it.

@Coleman ClarkAs a former owner of an Environmental Abatement company (operated in California), I have a bit of background on this subject. 

Current financial statements and of proposed transferee and its principals, along with credit reports, real estate experience and background for each 3.