I am wondering for people doing this, what are your success stories with getting properties locked up and what are some or all of your disappointments?  

You also have to figure out if those higher rents come with the owner paying some (or all) utilities.

I've read that in NYC tenants can do oral lease agreements after the lease runs out, but only up to a year. 

Could there be goals or milestones for which the profits and/or equity are increased for any or all parties?

You can house hack (live in one side, rent out the other) and reap the benefits of your tenant paying some or all of your mortgage You can also do an FHA loan and move out after one year but keep the mortgage.

I have questions and appreciate responses to any or all of the questions below!

@Walter Graham@Paulette Midgette is absolutely correct in that Pennsylvania law allows for oral leases (up to 3 years I believe).

it gets more complicated but thats the basis of doing what is called a wrap or sandwich or all inclusive or simply a second DT or mortgage. depends on what part of the country your in... the basics are the same though.

Do you deal with properties in the market or all over?

Correct me if I'm wrong please but can't you buy the property sub2 for 180 contingent to you finding a buyer within 30 day who will buy it with owner financing (at a price closer to or at market value), require a 10-20% down payment then use part or all of that down payment to pay the original owner of the house (assuming they will use that to pay down the mortgage.