I would want earnest money to be atleset 3 times one month's rent plus attorneys fee. as you'll need that to cover losses in the event that the sale fails, the tenant sues and you now have to defend yourself. 

Who knows, this thing could be a total money drain and I could fail big time (although I suspect I won't).  

Failing that, you might have to look for private financing.You should also talk with the town to be sure that the property is permitted for use as a rooming house.

As just pointed out in the new business podcast, failure is the best way to learn (that whole, what did you fail at today discussion was genius!) 

When the blocks fill up, it is because your drain tile has failed.

All the experienced investors I've listened to have said that at some point you will fail, make a mistake, and/or experience hardship.

Their real estate agent has yet to provide ours with rent tolls and failed to answer most questions.

You must practice to get better.5) Fail Forward and Fast: JUST DO IT.

After notice is properly served, if the tenant fails to vacate, you go through the eviction process.2)  Depending on the cooperation of the tenant, eviction could cost almost nothing or may cost in the thousands of dollars, especially with attorneys fees.

In most residential foreclosure cases, the defendant doesn't really have a defense if they failed to make payment.