Judging how the rents are $475/month, I'm also guessing this is either a C/D area or a very small town, which may contribute to higher tenant turnover, higher lease-up times, higher possibility of missed payments, evictions, etcRepairs at 5% also seems low, especially if I'm correct about the tenant quality/neighborhood this is in.

My guess is the quality, location, amenities are all worth the money.

I am wondering if anyone out here has purchased a property using this method. 

I'm looking for ideas on how to attract and retain younger, quality tenants. 

Depending on your build quality you are going to start experiencing CapEx sooner rather than later since the property is already a decade old.Not trying to burst your bubble, @Nick Thomas, just trying to keep it real.

They will look good however there is a good chance they will get used and abused regardless of the cost or quality.

Click on a few of the ones with the rent value you think is reasonable and see what the interior quality of the homes are and compare whether your property would match that market.

This is a strategy to hide what you have done, not a legal method of circumventing the clause.

Going forward, all payments, maintenance requests, and correspondence should be sent to the address listed at the top of this letter.And then below that it lists other payment methods, how to submit maintenance requests, etc.

I've learned from some very successful investors and after trying different methods I've had great success getting huge discounts telling motivated sellers that I have the money already at title and can close as fast as title can move.