So you likely need to involve either a consultant or developer prior to make sure you don't buy something that doesn't have a fatal flaw or constraints that make the project not pencil out financially. 

Explain the potential damage and costs involved with the water running continuously and put it in writing letting him know that he is not to touch the chain again, that if he needs service that he should notify you and you will take care of it.Additionally, there are devices you can get that will alert you if your toilet is running.

It involves thorough evaluation and research of a business in great detail, understanding the client’s commercial objectives, analyzing industry documents, and identifying key business issues before a deal is made.One of the first steps and key considerations in due diligence is to gather information about your client and their counterpart.

I'll PM you directly with my personal cell phone if you can text me when you have a moment.

You could set up a “deferred down payment for 12 months” or have a stepped up down payment (so much per month until number is met) It's really whatever makes sense for the two of you.Things to consider, property taxes have to be paid, repairs have to be made, vacancies have to be accounted for, insurance has to be in the name of the person on title.

If you were in Seattle you could not end this lease or month/month, no options at all, and you would be stuck with this person until they are carried out.

I personally have not invested in a property like this before.

So the way I see it it's person's situation specific, as well as properties you have in your portfolio specific vs a specific amount.Good Luck!

Personally, I would go after base hits 

@Katelin UhinckIf the commute is an issue you could buy a property that cashflows to go toward personal expenses and still have the long term benefits of having renters pay off the mortgage.