We started our investing in Berkeley 15 years ago buy renting out first home near the CU medical center.

Wow, I was literally IN Murfreesboro over Memorial Day weekend for a wedding... didn't see much of the downtown area but I know they are building up a LOT on Medical Center Way and the I-24 area into Nashville.  

I like the way you handled it, realizing that chasing him for back rent would be an exercise in futility.

That money will come off the purchase price when they exercise the option to buy.

Good deals are hard to come by so exercise some patience but at the same time do not over analyze a deal.

You'll learn much from doing this and will have an opportunity to talk to your soon to be neighbors and will better understand values - get exercise and have fun meeting people.

Vacancy, job loss, medical emergency...anything that impede your future cash flow would be a reason to have the 30 year over the 15 year note.

Therefore if you found another buyer willing to pay more than your agreed price, you could exercise your option and sell it for a profit without ever owning the property.

I'm going with AAA since I have my car insurance with them and they asked me about deductibles for Medical payments to others which is $2,000 but can go up to $5,000, Other perils deductible at $1,000 and Water deductible at $1,000.

I had to sell it because of my medical problem.