You may run into issues with underwriting & getting approved for a second primary residence purchase as it can very well look like you are doing it to accrue rentals with low down payments, as mentioned above. 

What other fees are accrued at closing.A nice niche to think about  is lenders who have programs where you don't pay interest on rehab funds until you actually use them.

Just as a curiosity did you find out why the current owner is selling? 

May be a dumb question, but out of curiosity - have you done a fix and flip personally?

Just out of curiosity..

Out of curiosity do you rent the home you live in now? 

Cleveland Heights taxes are high, but based upon $11k tax bill, they have the property valued over $200,000It’s also possible that there are accrued penalties and delinquencies... or even some kind of special assessment.Go to the county auditor website and check the appraised value.

Neither is right or wrong I prefer 8% on the 5th of the month because I enjoy the extra income, but collecting in accruing amounts gives the tenant motivation to pay once they are late.

@James DuBois - A big congratulations on attaining employment in the $75k-$95k and only having to accrue $8,500 in student loans. 

This was the clause in the lease regarding termination:In case of any termination of this Lease or termination of the Resident’s right to occupy under this lease, byreason of default of Resident or non-payment by Resident, Resident will indemnify Landlord from and againstany loss and damage sustained by reason of any termination caused by the default of, or the breach by, Resident.Landlord’s damages shall include, but shall not be limited to, any loss of rents, accrued but unpaid prior totermination; all costs and expenses reasonably incurred by the Landlord to restore the Premises to the samecondition as they were at the beginning of the Lease, including cleaning and painting (reasonable wear and tearexcepted); any costs reasonably incurred to advertise and relocate a new Resident, including broker's fees;moving, storage charges, or any other expenses, fees, or costs allowed by law, incurred by Landlord in movingResident’s belongings pursuant to any legal proceedings and as allowed by the court.