I agree with most comments above, it is very likely you will have the property in your possession again in a few years, the other issue is, lets say you apply $200/mo of the rent to principal, because the tenant is "renting to own" Fannie Mae, Freddie Mac and FHA do not recognize the additional rent paid to principal for down payment, because they lend on the purchase price, and no matter how you word it, they will not accept $10 or $20K as Down payment for the loan if it was paid to you over time. also if you need to remove them from the property it is possible a judge may see the principal payment as equitable interest in the property, there are many hag ups in this strategy. 

its is too bad it has only been 7 years or else adverse possession would apply (15 years). 

If the property has been abandoned then you should be able to schedule with a locksmith and a sheriffs deputy to take possession of the home.

I would have the one moving out sign a RELEASE OF RIGHTS TO POSSESSION form so that you don't have any problems in the future with him. 

My property has mold, termite damage, water damage, a drawing of a possessed clown on the basement wall...Another reason I was bidding against cash offers.

You can not take possession of property for 20 days after auction date.Property owner gets 180 day redemption period unless it's a homestead exemption /ag exemption property then it's 2 years.If property is redeemed they have to pay you auction price plus 25%.

They should possess all of the tools of their trade not depend on  a client to provide them the money to run down to Home Depo and buy saws for his crew. 

In PA, the broker/PM holds the deposit in escrow at a named financial institution and has under PA L/T laws 30 days after move out/possession to send detailed report of damages and balance of deposit check (or notice of amount due) to the tenant.Second:  whether or not the PM notified the tenant(s) is open to debate, "he said-she said". 

(In reality it was a 260/month increase and I spent 35.5k on repairs and improvements before he took possession.

We can offer him $160,000 cash but we will need possession to he house right away.