Technically I am borrowing that money from one, to pay for the other, which is a very common scenario.If you have most, but not all, of the down payment, could you get a mortgage at a higher LTV? 

Some additional background: the reason behind this is due to difference in our intentions for the property.

What's your background? 

That would be a great place to start with a common background.

If I can disqualify them at that stage, I'm not going to run a credit/background/eviction check, so there's no reason to charge them.

LOL well technically yes, but I could lock into the 2.7 range today. 

Because of my background, ive always been interested in the buy and hold, and the fix and flip side of real estate.  

If I did want to keep them as month-to-month would a new lease be required since the old lease is technically with the prior owner? 

The potential downside to the second option is I don't know how they'd feel about the fact that I technically have another full-time job (though I spend minimal hours on it).  

I ran a background on a potential tenant and I denied their application based on information provided on the background check.