Many folks on bigger pockets speak towards buying land+improvements, buildings such a multi-family, where they are buying land + improvements.  

I have a tenant that went through changes in life and a lot of stress, she was going to move out and find apt that is less costly, she is been always good to us, so I said I would help her to go through the transition, and assisting her for finding new apt, just for less than a month, her situation improved and she decided to stay.

water and food shortages, public transport etc etc etc....have some compassion and make some temporary concessions on being a strong businessman and landlord.I would basically give them a one time "get out of jail free" card for late payment.... make it perfectly 1000% clear that this is a one time deal due to extreme circumstances...don't try and push it or there will be an eviction started.If they have been a good tenant and have had the respect to give you the "heads up" that they were going to have an issue paying on time, that counts for something with me....I know this is business and when you give an inch, tenants will often continue to push the envelope and take a mile...if they see you are "soft" they will exploit it.....but this is an extraordinary situation that just doesn't fit the rules.......

Any rules in place on contractors / vendors?

Justin, Ok first things first, on the surface it passes  the 1% test,  plus the 50% rule.

Do you have any suggestions or improvements to this idea?

In the case of non-payment, breaking rules, etc., do I have to follow the same eviction proceedings as with any other tenant or can I just kick someone out? 

Either find a bank with shorter or no seasoning requirements, might take you a while, and by the time, 6 months or a year has gone by, and guess what, you met the seasoning requirements.I worked for finance company for a while, and they have simple rules to implement, such as income requirements, 12 months at the same job etc.

There's no perfect answer, because it will vary widely by location and the actual property. 16%-18% pre-tax profit (of sales price) is a pretty good rule of thumb.

Assume 20% down, 50% rule on expenses, 4% interest on the loan. $1,000 to close.Purchase: $100,000Down and Closing: $21,000Rent: $1,00012 months pass and for an unforeseeable reason we have to sell the property!