I don't want to hit him with an eviction notice since I know he's actively trying to come up with the money, but I also don't want to get burned. 

House burns down before I take it overKnock on wood but what if this happens, then what? 

This is something that you will be involved in for a long time and it MUST be set up right at the start or it can burn you.PM me if you want to talk further.

Doing everything yourself is the fastest way to plateau, burn out, and break down.  

I had a little bit of money burning a hole in my pocket, but didn't want to get into a bad deal. 

So I'm speaking from experience, these type of assets tend to burn holes through investors pockets.

I call this type of property a "mom and pop", basically a property with a burned out landlord, no systems, deferred maintenance, and a motivated seller.  

Life will happen and by staying connected it will stoke the fire already burning.  

I cleaned it up, booted the fat slob with the illegal dog, got some good people in there, had two run-ins with the local meth heads that left one in handcuffs and made friends with all the beat cops.  

Linoleum is a wood product that is expensive and difficult to install and not many hard surface installers know how to do it now a days as you don't find it except in commercial installations that require something burn resistant(that's the reason they call it battleship linoleum cause that's one of the main areas you can find it; on a Navy ship.Sorry this went on so long but hopefully this explains things for Bigger Pockets investors.