At $240/mo and no kitchen you are basically renting to transients, and there will be a lot of drama, a lot of non-payment and evictions.I'm 99.99% sure you can't just transfer that insurance policy to a new owner, btw.Don't ruin the good start you have by walking into this mess.

I hope I didn't ruin your plans.Me: Not at all. 

Having actual owner financing in place, if they dont execute the terms at the end or they try to flake out and I have to evict them it will ruin their credit.  

It is a minor issue and it is overkill to possibly get their license revoked and ruin their business over this.

All they have to do is drag one heavy thing across it and it is ruined.

Then cut the bonuses and incentives that the top executives are receiving while their companies go to ruin.

Woody keeps telling me it's coming along; the electrician has cancer, in and out of hospital etc.

Aaron,Yea I have heard of those scams that people used to do, it's too bad they had to go and ruin it for the rest of us.

You will lose your ernest money and ruin the relationship with that agent.

As to your questions about credit, yes it will impact your credit negatively but a foreclosure ruins you for 4-7 years and after a short sale you can get a Fannie Freddie loan again after only two years.