But  as long as they're good tenants who take care of my property  and always pay on time I have no problem  continuing month to month as long as they give me 30 days notice  prior to moving .

To me, unless there is a safer more profitable financial vehicle "out there", I'll move forward with property however, one must be oh so careful, I barely made it out alive on my debut. 

I'm guessing you're going to put a lot more money into this than you think, so be very careful with your numbers, and build in a margin to them before you make an offer.

IMHO he did not keep a professional manner and did not handle the issue in a customer friendly fashion......I am glad he refunded me at this point since I am not interested in rolling the dice on any more $1500+ programs but I was shocked to see that he did not care to better explain the reasoning behind the waiting time for setup VS the guarantee time limit ......or even try to level with me as a customer.

As for evicting the current tenant I would be very careful.

They usually want you to put some skin in the game, so you might have to put down 10-30% down payment, depending on the deal and your experience.

Do appraisers even care what the owner is using the property for?

Now be careful as  you cannot mitigate and change the lease terms  by asking for higher  rent amount or shorter lease term from the new replacement tenant.

By doing that you should be able to raise the rent and possibly the sales price depending on the demand.The best way to make more money is to be prepared to move to the hot areas and by buying small apartments and working your way up to make enough to be able to hire an experienced Property Manager or a Property Management Company to take care of the daily needs, both maintenance and occupancy,  that is experienced in that area or type and will report you regularly on what you need to properly oversee their efforts and the properties financial status.One good thing is that many smaller apartment complexes are owned by Mom and Pop. 

@Darlington Agu  I would be careful on buying in Memphis.