Be prepared to navigate through potential tenant issues and lease terms. 

I have managed these properties from renting to leasing/repairs etc.

FHA is for sure not going to be an option for him, last option is purchasing from an investor with owner financing, or lease to own program where he will not need traditional financing. 

One demanded we paint the interior the color they wanted or they wouldn't renew their lease.8) MoveOut damages typically exceed their security deposit.

No urgency or incentive to get them leased. 

Buy the property, lease it up and refinance.One thing you’ll want to know about the credit facility is not necessarily the margin call parameters, which I wouldn’t be concerned with if there is a significant amount of equity in your investors securities securities portfolio, but what are the other terms?

But also what will be the cost of the new land lease?  

The guy is a "lease-option" guy (plenty of posts here on him) that decided to jump on the land band-wagon & it shows.Feel free to reach out to me if you have questions. 

Another lesson I’ve learned is that buying a single family home as my primary residence to later lease to a tenant is a bad strategy unless I’m purchasing the property at a really low price.

If my spouse was willing to move more frequently I’d house hack a 4 unit every year.