A bad contractor will take forever, cost you holding costs, and spend too much. 

However, this is a situation when they deny that their partner has moved in but it appears like they live in the apartment building.This may happen because of bad credit or because of criminal convictions that they do not want to disclose.

Hi @Renata McCulloch & @Cameron Sigurdson to get a good quality note you should be prepared to have more like $50K available, although your IRA can partner with another party to combine funds to take down a note via joint venture.

What's the tenant quality with market rents at $700+?

If this guy is as bad as you say I would be looking to see how to protect your property.

I'm anxious to equip myself with the tools necessary to meet this challenge with confidence.

From my conversations with him, he is very happy with the results of doing light rehab work and getting quality tenants. 

Just put them on bad credit.

Also, Is it bad for the seller to be there?

Act as a RE agent that you are.. get a buyer if its a great deal that would not be hard.. sell it to them make your commish then get the list back  rinse repeat about 20 times a year and make your self a few hundred grand with NO MOney out of your pocket other than normal business expenses anyone would have when you have your own business that provides you a 6 figure income.on the credit side I don't think folks realize how devastating it is to let your credit slide.. at least when you then want to get credit.. if there is anything for younger up and coming folks to hone in on is the disability you place yourself in when you cannot manage your personal credit and you let it get bad.