Depending on permitting, construction time and market conditions it could take you 5-6 years to get out of that single investment. 

I would be more concerned with upgrades and general condition of the property.

With that said, I have a house off washington, that iv lived in for 3 years now, I am all in for around 1050 a month, my upstairs pays 1100, and for the first few years i had a roommate for 350, which covered heat and cable, so I was happy just living 100% for free, it wasnt worth packing another guy into a room and wrecking my quality of life for an ever 350 a month.

Your expenses could be more or less depending on the condition and age of the property, and since this owner doesn't seem to have it together, I'd err on the side of caution and expect the worst. 

We are about 75% done with rehab and have temporarily run out of funding due to life changes.

This property is in fantastic condition - move in ready!

I created the lease and I did not add any conditions for me to break the lease at any time. 

  - You'll also want to get a copy of any pre-move in checklist (and photos if there are any) showing what the condition of the property was when the tenants initially moved in. 

Hes willing to sell for extremely cheap and just wants the thing out of this life.

The problem I may have is the condition of the property.