Thanks @David CruiceA follow-up question when partnering with a developer is, what are reasonable terms?

Well maybe not so fast.While it does not make sense to me, I provide for your reading enjoyment the following links /  Court Case;https://www.gpo.gov/fdsys/pkg/USCOURTS-ohnd-1_08-c...andhttps://www.casemine.com/judgement/us/5914fbf2add7...This property was recently listed and so I was doing some research, ran across the case and learned a thing or three.The synopsis is (not a lawyer so maybe I haven't read it correctly) and leaving a side the fraud of one party (which he eventually was found guilty of), the eventual purchaser, purchased in good faith and was declared the 'owner' with good title.

If the borrower will have seven to ten financed properties, the mortgage loan must have a minimum representative credit score of 720; all other standard eligibility policies apply.There are plenty of banks and lenders out there that will follow Fannie exactly so you shouldn't have an issue going up to ten investment properties.

If your goal is to keep the existing renters and rent out individual rooms on AirBnb, then you would be required to follow some additional rules.   

@Brad SchaeppiJust a follow up: the contract terms were difficult.

You will need to follow up regularly to insure they are staying on track.Back in the old days of rent to own the upside for sellers was in renters failing to buy allowing the seller to rinse and repeat several times keeping the DP and principal each time.

That could be a great way to find and stay engaged with local investors, realtors and opportunities. http://www.biggerpockets.com/alertsYou can also search for other investors or brokers in your market and follow their journey on Bigger Pockets here: https://www.biggerpockets.com/search/usersAnd of course, be sure to subscribe to the podcast - so much great info there and always full of inspiration.

Be prepared to fire him and follow through if he stumbles.

I called the tenant and left a voicemail she texted me back (she would only text) saying that her daughter had to have surgery and she would return that following Tuesday.

If yes the follow it up with the contractors directly.