I have spoken to a RE attorney 10 miles away in "town" and he advised that I send a Termination Notice be first and the owners have to cure their May late payment within 30 days of the served notice (or move out).  

Currently, prrice is outside of 1% rule and I would like it close to there so that the place would meet payments and other expenses along with a positive COCR

A 15 payment is much less than double a 30 because of the discounted rate. 

Not bad for not taking a single phone call or wondering if someone will miss a payment....

I am looking to achieve a low down payment and renovate the portion of the home I would be "living in" over the year I am supposed to be residing there and essentially using that year to take my time with renovations as I am full time student and working full time.

I bank with Cambridge Trust.

Open single member LLC under myself and then put LLC interest in a trust so that my wife can gain control if something happens to me?

Obviously we could help him with a down payment and cosign if needed.What would you buy?  

Your strategy may work on a bridge loan, however, you will need to be careful about the balloon payment.

Purchased house for $260k at 3.8% 30-yr fixedCurrent mortgage payment is around $1850.