So far, so good with ours.On the flip side, if demand is weak because of saturation of the market with other affordable housing choices, then this may not have such a great upside.  

He has taken your kindness for weakness and you shouldn't be hoping that he will leave in a few days. 

Try to give the tenant a chance to pay and get out, but in my experience the tenant just confuses your kindness for weakness and drags the situation out even longer.  

Picking the right strategy will come down to the type of market your in, available resources, your strengths, weaknesses, and time commitments.

I would recommend reading the forums and blogs as much as you can about various real estate topics until you figure out which strategy will fit your personal situation (financial, strengths and weaknesses, goals, etc).

When I bought my primary I paid $250k below asking, but that was in the weak market.  

Any offer should be in writing but your financing contingency puts you in a weak position.

Get to know its strengths and weaknesses.

The weak brokers and agents might be thinned from the herds with some automation but that can be said about ANY BUSINESS in the world.The top 20% in any field are in demand and tend to have the highest incomes.

Each has strengths and weaknesses.