I've been looking in one periodical for probate leads.

I can be home for long periods of time so I want to fill my downtime with something interesting, challenging and profitable.

During this period wife and I had good DAY JOBS, we were stable and had a few other assets like invest accounts that we used for the required reserves.

When I discovered that he had lied I attempted to cancel the contract within the 5 day grace period but he told me that it was not possible to cancel the policy.

The contract requires periodic payments over a term and upon completion title vests in the name of the buyer/borrower of the real property.  

Give yourself a solid out or two, like "Subject to a 60-day inspection period."

This saves on vacancy and can keep the properties rented out for longer periods as they will recommend the house to incoming students, almost like a college rental.  

The buyer handles all the maintenance during this period.  

From their latest SEC filing they had an 'average rental rate increase on non-month-to-month leases of 3.3%' for the three month time period ended September 30, 2015.

Your numbers above for purchase price and comparable value 5 years later are suspect to me. 16,000 in appreciation over a 5 year period is equivalent to an average of less than 2% a year appreciation.