@Chris Seveney in regards to your comment #2, many who follow the Islamic faith believe that paying interest is against their religion, so I would be careful making a blanket characterization of "that would lend me to believe these people will be trouble."

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.There is a case going on at this time filed in Collier County.

My husband’s parents once retired sold their family home on the lake and used their massive profit to purchase a condo, a single family home, and a bare double lot all as rental properties or potential rental properties while they traveled the country with their Airstream and faithful pup.

A fastidious renter is way better than the alternatives.Renting and moving are stressful, and there is a certain amount of faith involved.  

It is just a good faith deposit so imo it is not a big deal on getting an exact amount or percentage.

When purchasing the leases usually state that the tenants in good faith will sign an estoppel when the time comes.

I figured that would be the hard part.I have stayed faithful to the 50% rule for renting properties and have submitted many bids, mostly to REO and HUD homes.

@Faith Sia - These are good things to consider.

I'm still not sure if I'll buy the deal or not, but I have a lot of faith in the wholesaler as they have many, many rental units of their own, and have been doing rehabs for a long time and have a very good name around here, so I expect the deal will be a good one.

It does take some leap of faith but it is well worth it.