Are you saying that you can lock in a refinance rate even before starting that process, such as *during* the seasoning period immediately after purchase?

I feel it is wiser for me to educate myself instead of trying to handle this from afar.

Allowances can be made for seasonal employment, typical for the building trades and agriculture, if documented by the lender.When analyzing the probability of continued employment, the lender must examine the borrower’s past employment record qualifications for the position previous training and education, and the employer’s confirmation of continued employment. 

It could be a good place to start for what you're looking to do.Some states do have redemption periods during which the owner has time to come up with the funds to payoff the mortgage and redeem their property after a foreclosure sale.

If you can, offer him terms, e.g. 8% interest, with the option to buy him out after a specified period. 

On the other hand, the education you might gain may be worth doing it. 

And I guess there will be capital gain tax on any profit we make because we are selling before 1 year period even though the property value is below 250 k.     

You should be able to terminate the lease based on the fact that the unit is uninhabitable for an extended period of time. 

It's a cherished time machine of nostalgic memories of the very best of good times spent with inseparable friends during an unforgettable, seminal period of the tenant's life. 

In that time concentrate on continuing to educate yourself on this forum.