Another might be a residential tenant whose child comes home from college and discovers black mold in her bedroom closet.Ideally, Tenant Estoppel Letters will be sent to them after the inspection and financing contingencies have been cleared and within the last week before closing.

You’ll put 5% down but get 2% back on sale (which might pay for your closing costs) and then do a rent by the room to cover your expenses and downpayment for next year) Not sure which university you are at but both Henrietta and South Wedge are solid places to start (serving RIT and UR respectively) Good luck, I personally think Rochester is a great area to start due to constrained supply with a growing population

That leaves me with 2 houses, both rented but one of them needs to go too.All this is close to the end of a dead end street.

I'd find a sweet deal close it and see if you can get another one after that. 

The struggle comes when you plan to sell, pay close attention to how the bank would treat the loan in the event you would sell.Even though its a bit more work, banks are typically open to these loans as it provides them with additional collateral in the event of default.  

I believe they are recouping costs associated with loans they don't close.

Since the previous owner is getting most of the proceeds does the closing attorney issue him a 1099S and then issue my company one for a much lower amount?

Once you pay realtor fees, closing costs, sellers want 10k for points and concessions.

Process is simple. 1. purchase contract2. send contract to title company3. bring cash to closing and you're done

This attorney should handle creation of your PPM and state filing requirements, but they do not handle the PSA or closing.