Hypothetically, if I found a property with strong rental demand, the income could cover loan payments, operating expenses, and generate a modest positive cash flow.While this example involves upfront risks, the idea would be to leverage my father’s expertise as a contractor to minimize renovation costs, boost the property’s value, and create a long-term asset that appreciates over time.

If the eviction goes to court, then there is a record of that eviction on their file and it will make it harder for them to find another place to live (assuming the landlord does a background check).Not renewing the lease happens when either party decides they simply don't want to renew the lease. 

If seller financing is the route you go, you might consider getting creative with the structure to make it work for both parties.

Everyone thinks the cost of 3rd party PM relates to fees. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The requirement to do this generally involves an experienced GC signing on the borrowing entity as a 20+% owner thus making them a signatory on the loan and responsible for the debt which in most cases is not very easy to find.

Based on your description, Party 1 seems like the safer choice.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The seller was not getting much traction from the other interested parties.

I know I am late to the party, but I just signed up for DealMachine to do some D4D.