Broker/my mentor is suggesting to be realistic, and present a price that reflects what the new buyers' expenses would be.Is it more of a standard practice to calculate the price based on current owner's expenses, or future owner's expenses?

CHANGE OF TERMS: The terms and conditions of this agreement are subject to future change by Landlordwith 60-day written notice setting forth such change and delivered to Tenant.

Without an estoppel form or legally binding leases, I can see problems coming up in the near future that I’m trying to avoid. 

I hope that my experience would open the eyes to the future investors. 

I'm looking forward to see you all at one in the future!

Future goal is to gain financial freedom from real estate investing.

Your future renters are going to be BABY BOOMERS retiring with no money.  

Not much you can do about future special assessments though.Melissa Bailey-Comstock Based on the home values it does appear to be in a sweet spot for flipping, and there are a few foreclosures in the area posted for auction soon. 

Let him know that if he doesn't come up with the deposit, and co-signer within 5 days you will file for eviction which will ruin his credit rating and ability to rent in the future.

In future, there might be some complication if you conduct both activities under same LLC.