this is an old old program I had clients of mine doing this in Detroit back in the GFC they would buy a house 1 to 2k sell it on contract for 20 to 30k..

This might be my key question, as eviction itself doesn’t worry me as much as the potential hassle it might bring. 

They can provide quick access to funds for renovations.2.

The minimum down payment for a property in this price range would be roughly $27K.That said, you also need to account for bank closing costs, inspection costs, appraisal, attorney fee, and title costs.Your scenario may require a seller's concession to account for these additional expenses.Investing with $50K is totally possible in this market but your journey may be met by challenges i.e.

Banks will be reluctant to lend you and other buyers/borrowers a mortgage for a building like this as it is seen as high risk.

The information contained in this post is not to be relied upon. 

There's a lot to be said about this but having process in place to mitigate turns going bad helps.

This sounds like a terrible deal, but not much info in hand.

Some might ask, "who is going to enforce this?"

Unless this is a value add location with more expansion hard to get a lot of bang.