@Wilson Adams, consider making a small bet first.

A seems like the safer bet for long term tenants and the 18 yrs olds might jump around every year. 

Here are the terms : Transaction Details: Buyer will not be charged a Buyer's Premium for this propertyIf you are the Winning Bidder, an Earnest Money Deposit of 5% of the total purchase price or $2,500 (whichever is greater) is required.Buyer may receive a Special Warranty Deed or equivalent if Buyer is able to purchase title insurance without delaying the closing (title fees typically cost between $500 and $1500 and are based on the purchase price of the property).

They are like apples and oranges, so I'd bet we can make this thread more valuable by being specific :-)

You know what I do when the market gets to hot, go ride my bicycle a bunch, and hopefully win a few championships.. really. 

Your best bet may be to sell the house may be to an investor for cash since an owner/occupant may also have difficulty getting a mortgage loan.

I think it would be great to eventually turn this into a full-time gig, but slow and steady wins the race!

I bet you guys are excited to get things going you are in a good state to be flipping or making rentals for your portfolio.

When you get a loan servicing company you don't like, your best bet is to make your payments via snail mail check, with any additional payment being a separate check with "principal only" written in the memo line.

This is a  "Subject-to" transaction, hopefully using two notes.A seller is willing to take I/O for 20 years is probably 1 in a thousand and they will be taxed just as Greg is, make that 1 in 10,000.I'd bet Greg doesn't mention the other issues with a Sub-to, foreclosure, Greg can only foreclose on his interest, that could be paid off, the note to the first seller is pretty worthless, that can end up going to the state in a medical issue, then there are risks of bankruptcy, law suits by other parties, collections and servicing, deed transfers, insurance, liens and the list goes on, which is why you should not do long term subject-to deals.