It seems that if you were hot to sell it would be perfect for you but I understand the quandry.

Many folks move to an area and want the perfect home in the perfect neighborhood etc, and think that will make all the difference...

I have the chance with my day job to go to 1/4 time May-July which presents me a perfect opportunity to sweat equity into a remodel, and hire out still over half of it.  

And also if it not being permitted is anything to worry about as long as it is still safe and perfectly habitable.

You'd think that it's below 'perfect 5*', so it's still a good rating - not so. 

It sounds like this property is a perfect candidate.

If he doesn't want to sign early cancellation, I'll hand over my 30 day termination notice.Otherwise I'll get in touch with his lawyer and do the same.Bad timing thing is that I have a potential lead on someone else interested in a shorter term lease that might be perfect for that unit, which would at least keep the cash flowing on that address while I work on the rehab of the other unit in that house for my BRRRR strategy here.However this plays out, as long as he doesn't manage to tie the thing up and get in the unit after he gets out only to destroy it, it's a great learning experience.  

This house is perfect :) But I have had ridiculous repair requests on other properties in the past.  

I'm in the Atlanta market looking for a rental deal.I found a condominium for $98,000.If I can get away with 5% down, 30 year fixed, interest rate at 4.461% and including $800 yearly home insurance, taxes, PMI and etc, my monthly mortgage is approximately $674.It'll be $633 if 10%Rent estimate is around $1,000 a monthI'll have them pay for all the bills.1) If I buy this, can I the bills under their name or do I have to monthly send them the bills and tell them to pay it?

Keep coming to him for advice on certain things and when you sell a flip use some of the profit to have some experience together - a weekend get away or something.