@Mark S.' suggest to "track every expense" may be a good exercise. 

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It was a fun exercise but I realized that I needed a partner.

I've also instructed my PM to put a 3 day notice on her door this coming Tuesday as an additional enhancement to make sure she keeps her word to "pay by Friday".  

If things are going smoothly, and we want to renegotiate terms with the seller, we may exercise our option and keep this in place for another 5 years.

Make sure that any enhancements you do are in-line with other properties of a similar type.

A good learning exercise, if nothing else.You may also run into zoning issues.

If the bank did exercise the due on sale, is he in a position to refinancer at that time?

Presumably you included the stocks you acquired in income when you exercised the options.

The buy-and-hold investor then gets $2111/month minus expenses (tenant pays for all utilities and maintenance), taxes and loan costs (if they borrowed the money) plus the $350 sell price (minus the accrued down payment $12,250 -- which they already have from the monthly payment).Here are the numbers for the buy-and-hold investor:$2111/month x 24 months = $50,664Minus taxes ($864/yr) = $48,936Plus sell price = $398,936Minus accrued down payment = $386,686$386,686 minus initial investment of $300,000 = $86,686 profitCash on Cash return = 28.9%If the tenant does not exercise her right at the end of 2 years, the buyer could sell the property.