If the tenant does not comply, you can file an eviction case and the court will typically schedule a hearing within few weeks of filing.

If you are paying a premium you better make sure the tenant is really strong (typically Standard and Poor's) BBB- Investment grade rating or better.

They will typically complete both approaches on a 2-4 Unit. 

So like the example you gave, there are fewer lenders doing 75% ARV, but many more lending down to 70%, so at that amount there might be more options.I hope that helps, would be happy to jump into more specifics with some more details about the flip itself.

What will be examples of passive gains (not including rental income)?

You can try to offer less, but likely will get beat out by an owner-occupant that will think this is a great deal.This is probably a Class A property, which typically don't cashflow for the first 3-5 years - until rent appreciation exceeds the payments.If you want cashflow, you'll have to find a great Class A deal or start looking at Class B & C properties.

I really enjoy books that challenge and question my typical way of thinking.

For example, in my county you can actually go to your hearing and get your taxes increased on appeal fun right....Jon Bock CPA/PFS

Typically you can get close to 90% LTV. 

Typically students are seeking housing before year begins (June-August) which typically lines up for active LTR season.