Would consider ongoing management through lease expiration if desired. 

They are beautiful, don't get me wrong, they just require much too much on-going money effort and for my liking.

RonnieThe Texas Real Estate Commission (TREC) Lease Extension form provides an OTHER Block in which you & Tenant can agree to Amend the ongoing lease.

This is a very bad idea, they're starting off dictating to you that they're probably going to be an ongoing issue. 

Turn on, go here, enter data here and here, then compute here, then the answer is displayed. 

You should let the Realtor know if you are an investor or retail buyer.Think of your message/question before calling though if you prefer not to have an on-going contact.

We're planning on going to this one.  

It's more for ongoing new construction, rehabs, remodels, etc.

I will be viewing the property tomorrow to confirm any needed repairs, but it seems like even with a few thousand dollars of needed updates, this should be an excellent deal for a house-hack because we would be able to move in and make repairs/updates on an ongoing basis as cash allows.So, anything I'm missing here?

@Kevin Wood The agreement would be all good and all but it still comes down to the cost of foreclosure and holding time should it comes to that since I legally can't force a sale without the title.The negotiation is still on going and I'll see how it goes from here ... but I am trying to find a way to make this deal work since besides the profit it also serves as good experiences for these types of situations.