Make your offer now. you just might get an acceptance at or near the price the seller may be already thinking of reducing to

Maybe you can negotiate something outside of your lease with your landlord that is acceptable to both parties.

Find a lender that will accept the amount of equity in the property (20% in this example) and the partner has little or no out of pocket expense.2.

I would say eviction laws in PA are fairly favorable to the landlord compare to other states, but a litigious tenant can easily drag on the process for months if they are clever enough.Of course, you could agree to accept the property with the bad tenants and use that as a reason to further reduce the price point.Not sure what the purpose of the 60-day termination contract is.

My question is what kinds of due diligence can we do to make sure we are not buying something that can be currently rented for just a few months and then we are stuck without renters :/ Is it acceptable to ask the current renters to sign new agreements if they are close to the end of their contracts?

For non-FHA loans, many banks will allow secured loans to be acceptable for down payments, as long as the monthly obligation is factored into the mortgage calculations.

What is the minimum profit you are willing to accept in order to buy and hold?

Accept that, then do what you must to get what you want.You seem to still be at step 1 my friend.  

What is known thus far:- I have to have a RE license in order to manage properties for third parties when accepting commissions for bookings.

When you get the motivated seller that is will not accept your offer, ask them for permission to give your contact info to the realtor.