If you haven't given the address yet I would try and get in touch with the seller ASAP and ask if they would consider an offer or see what their plans are with the property.

These are good things to consider. An

First, you might want to consider an informal appeal.

@Branton B. what do you consider an "ultra small market"?

Also, you may want to consider an umbrella policy.I've heard the same advice from various attorney's which in my mind can only be rationalized for ultra-high-net worth individuals.

Also, consider an FHA loan which would allow you to put down a smaller down payment. 

Should I consider an ARM?

Can I still keep the same home loan interest rate on my first home even if I rent the home or will the interest rate go up and be consider an investment property home? 

They have nothing left to make further payments and even if they "promise" to pay once moved out it's highly unlikely you'll ever see a penny of owed rent again.It's probably far better to consider an Early Lease Termination clause in your lease. 

There are many downsides to that and you'll want to fully understand the pros and cons of mingling these two business types in the same company.You may want to consider an LLC for the buy and holds and something separate, maybe an S-Corp, for the flipping and then have both entities nestled under a holding company or possibly even a trust.There's several different ways to structure this and, ultimately, it will depend on many factors of which partners are involved actively and which are more passive.