So this will be just one more exercise in wasting time.

Then qualify for an FHA(meeting requirements of course) when it comes time to exercise your buy option?

If the seller defaults on the loan, exercise your option and buy him or her out.Find a Co-BorrowerEven credit-poor individuals can secure bank financing by finding a co-borrower with good credit.

Now, the bank goes after the borrower and the principal has two different issues with you, one may be some default of allowing the matter to arise and the new claim, that you failed to exercise your duties as his agent. $$$$$$$ Lost.Powers granted with a POA die with the principal, but other things can happen too, you're put in a position to act on his behalf, why would a buyer want to have a legal obligation to act in the best interests of a seller???? 

My number one tip for anyone getting started in the acquisition phase is to exercise patience.

We are not planing to rent the unit or use as bedrooms, just extra space for exercise and storage.

Even when you are wrong, I always think it's a good exercise to figure out how to think about your local market (where your blind spots are).

We may never know, but interesting thought exercise.

If you've been paying the $14 eviction policy, then exercise it at the earliest convenience. 

If payments are kept current there is not much chance of the lender exercising the Due on Sale clause.