It seems like I need to ride it out a little longer and reconsider this plan only if I find that unique tenant who can work within this special situation.  

From the menu above you can get the books 'How to invest with little or no money down' and 'The book on flipping' as well as podcasts and webinairs and you'd be a fool not to start with those kinds of things.I personally would not invest far from home again and unless you're thinking of a turnkey investment with lots of referrals, I'd reconsider leaving yourself open to getting ripped off when you don't even know it.And then you might have fun too.

I’m sure if we could prove to them that the home is indeed an investment and we’re not just trashing it they would have to reconsider.

I would reconsider, at least until you have a better opportunity in hand.Also, take the time to update you profile, including a picture.

Should the seller reject your offer, call them back a few days later to see if they would reconsider.

I have never used the ignore button with anyone on BP, I'm reconsidering that. :)  

For example some folks are all about cash flow but then when they start seeing where cash flow is they start to reconsider that.

If that doesn't exist then the agents/agency may not play by the rules and you may want to reconsider moving forward with a transaction where they're representing you.

Now ill have to reconsider everything again and start from scratch...

@Patricia McleanIf this property is upside down (another words she owes more than the property would be worth) I would seriously walk away and passIt's important to "buy equity with subject to" because if a loan gets called it has to have some kind of equity to deal withIn my view $100,000 house is only worth 90,000 because it cost 10% to sell with commissions and closing costs, that is at zero profitSo I start to get interested around 80,000 and really interested around 70If you got a pretty house and quiet street it's four bedroom two bath and it's good market rent and the PITI payment is cheap,  that I might reconsider those rulesOne other consideration is to do a master lease or you leased the property for a cheap price and sublease it out for greater price