I’d recommend looking into insurance options, as it adds valuable protection for your investment.

Either way you have better options you can use the land as equity so FHA would nto be the best route. 

However, in their attempt to make it as easy as possible for a buyer to make the purchase decision, they’ve created a convention whereby the buyer has what amounts to a “free look” or option with virtually no obligation or real commitment.  

If not, there could be numerous chains of the contract which can convolute things.

Thinking this way will prevent you from moving forward on really solid options.

@Matthew Brown If you don't mind diversifying your real estate portfolio there is a way to take advantage of both financing options and all of the benefits of the 1031 exchange.There is something known as a diversification exchange that allows you to sell your relinquished property and purchase multiple replacement properties.

What options do I have right now? 

After researching further though on social media and then criminal records I found about 12 previous arrests and numerous convictions burglary, theft, criminal trafficking, molestation (don't think convicted), battery. 

(optional)Kitchen Remodel (2020): Updated countertops, cabinets, and installed new stainless steel appliances.Bathroom Renovation (2019): Added new tiles, modern fixtures, and a glass shower enclosure in the master bathroom.Finished Basement (2018): Added 600 sq. ft. of finished space, including a family room and home office.New Roof (2021): Replaced the entire roof with new shingles and added improved insulation.Landscaping (2022): Redesigned front and backyard with new plants, sod, and an outdoor seating area.Energy-Efficient Windows (2020): Installed energy-saving windows throughout the home.

I would also suggest giving her a heads-up that there will be an increase at the time of her lease renewal.This will give her ample time to consider her options and make any necessary arrangements.