No problem....the transfer doesn’t change the irs having to pay off the buyer at auction...agree it’s a 1 in a 1000 chance anyway.

If he agrees to this, be sure to get it in writing!

I agree that a .5% response rate may be a little high but I'm expecting to have to mail consistently for 12-18 months before finding an actual deal.

Forgetting about what the law says it's the mark of an inexperienced landlord to accept less than the agreed amount and it's sets a terrible precedent. 

In the lease agreement he waived his right and agreed I can end the lease agreement. 

Agree with @Thomas S. and @Joe Villeneuve :  Extracting the equity to redeploy into either a new asset class or a diversifying RE income stream would mitigate the risk of that equity evaporating due to market conditions. 

(although I agree Rentometer is probably fine for reality purposes)

He agreed to the two year contract.

I'm on the Tennessee side of the NC border and totally agree with you - still lots of opportunities in some of these southeast US markets. 

Use an estoppel certificate to ensure all parties agree on the lease terms, rent rate, deposit, etc.