I'm guessing most are not bold enough to sit there and try to figure out if they're going to stake their ground on going to jail.Now if they have been scammed....that might be another story....but you can still try your best with your side of the story.   

I believe BP serves the Kool-Aid in several different flavors.

Thanks for the read.Cliff Notes.Read all bold print.

If you do buy it and allow him to stay (via lease or other means), make sure he signs something that says in BIG BOLD LETTERS something to the effect of "I UNDERATAND IAM SELLING MY HOUSE TO JOHN SMITH AND THAT IF I DO NOT MEET THE TERMS OF MY LEASE, I MAY BE EVICTED. 

I bolded the part that seems salient.Example : Jane buys a home on January 1, 2009 for $400,000, and uses it as rental property for two years.

Just my .02 though-three hours away on your first one may be bold.

They also tend to have the stuff that comes out of houses in the neighborhood around them - for a 1920s house, shop the one that's closer to the 1920s neighborhoods.One thing I think I know about vinyl windows is that they come in both "new construction" and "remodeling" flavors. 

Let's try to walk through your scenarios here | My responses in bold House hack live in one unit rent free | Very possible in some marketsMake $1k net per month | Usually feasible for triplexes and fourplexes in some markets, but you'd expect to have some value [Note: A deal like this are still out there, but are not the standard)Have 30k-40 equity after rehabbing the property | If you find a value-add play2-4 unit property | Yes, those you can find, no problem (market specific, again) Now, Mario, when starting out in anything (REI included) you have to be flexible and willing to sacrifice because if it were easy to get $1k/month, then a lot more people would be real estate investors. 

The 90 day termination period in bold is what is concerning.

Please see my comments below in bold.- Freddie: This sounds like you are talking about Home Possible (a Freddie program for first time home buyers and targeted areas).