Obviously I’d suggest putting security measures in place like buying under an LLC.

If you have to save some $ somewhere: Get some exact measurements and go find a used , surplus, scratch and dent, fb marketplace, etc -- tub that fits (double tripple checking specs), for your contractor to install.

This is the equivalent of me buying a tape measure and hammer and calling myself a contractor, and then charging ourlandishly low prices to build stuff.

I started hinting a couple of months ago that I will need to take legal measures if he doesn't get caught up and back to consistent payments.

I've talked to my agent about putting defensive measures into the Contract for Deed - such as enforcing the seller uses our payments to pay down their mortgage and letting us (the buyer) get notified from the bank if the seller misses a payment etc. 

The delta over asking price isn't a good measure. 

His advice will work for you if you have the correct measure of intelligence, experience, and willingness to work hard at it.I think a better option is to hire a property manager with the expertise and connections to handle it for you. 

Well, I don't know about your googled math, but I can tell you that the cash measures out to four stacks of a bit less than three feet each, and the bundle weighs a bit more than seventy pounds.

One important thing to keep in mind here is that this landowner doesn’t care about fancy return measurement metrics such as IRR or CAGR.

There may be some sanctions imposed by Section 8 if they were to find out, but I doubt anyone is going to go to jail for this or be charged with a felony.