I was told they would have to be 50/50 on the business with me and as long as they are at a 620 or a 680 this is doable.

Anything rented longer than 30 days is legally a long-term rental.

Hi CJ, I am in Saint Pete and invest as well so I know the market well especially on the long term rental side and house hacking using FHA as that is what me and my husband have done. 

With everything rented I would take in about 35k....but that was a long way off.

We're hoping to do seller financing when we buy our first rental investment property, so I'll be hand-writing letters to long-time owners of rental properties (mostly single family or small multi-family).

I would hate to see the buyer default and then discover you lose everything because your contract wasn't set up correctly.Yes, you can terminate/evict as long as your contract is set up correctly.The tenant/buyer should not pay your mortgage.

How long do you need to hold them before reselling? 

My purchase price was over 20 years ago, I do not remember closing costs, have refinanced twice at least and I have been renting it for almost as long. 

This is hard to do , even harder long distance 'As a contractor I can tell you this , rehabs almost always go over budget , and take longer than expected .

If that's what you want, it can be, but you want to be a strong asset that will earn money over the long haul.3.