Could be worse but this is not ideal.

Ideally you offer 2 or 3 yrs depending on your circumstances with an option to have a one time 6 or 12 month extension. 

In layman terms, its ideal because if the numbers work, you will have your tenant paying your mortgage and you will be living rent free.Most on the site will agree, this is a great way to get started.Listen to the BP podcasts and frequent the forums with any questions you have.  

Holding a house open is one of the best things you can do to find clients.Look at yourself carefully and decide what you can and ideally what you like to do that is of value to a home buyer or seller and that is different from other agents.

How should I deal with the tenants? 

I am 60 years old now and had a brain annuerism and a stroke when I was 54.  

I dont figure income tax advantage, I see that as a bonus, since it can change overnight with the stroke of a politicians pen. most make little to no money.For example i just saw a deal close in town here for $610K using only the sellers numbers its $2,500 positive per YEAR, no i did not mistype this, i ran it by my banker (very bright commercial guy) and he knew the property well, he said to stay away, it doesnt make any money. this is pretty typical of what I have seen over the past 11 years. 

I found what appeared to be an ideal set of lots in an old subdivision.

Take a Snapshot of Where You AreFirst, examine 36 months of “actual” collections for each property—ideally this number should be trending northward.

I know it's not ideal but this is the only type of loan I could get pre-approved for.