That doesn’t mean a tenant can’t move.  

Any secondary name to them is irrelevant.ATIMA is "As Their Interests May Appear"If your insurance person doesn't know what ATIMA means then find a new insurance person.

@David Rutledge Fannie Mae doesn’t allow this, but Freddie Mac only requires that you occupy the property for some portion of the year to qualify as a second home.

One of the ways you can differentiate yourself is finding what you network needs and help them solve it, doesn’t have to be you to solve it but maybe referring someone from your network.

Just because rents are supposed to be at a certain price doesn’t mean it is, especially if “some renovation” might be needed.

@Fredrick HockI don’t know if this is reflecting the right cash on cash return. it doesn’t have the repair cost with the mortgage cost.

It doesn't reset (knock on wood) and gives me remote access as I too live far away. 

This doesn't even count the lost income while the home sits empty during your renovations.With all due respect, this is just one example of how things could (and likely will) go bad and you don't have the knowledge or experience necessary to handle owner financing.

If you're worried about your own budget I've read / heard on BP that the best way to get around that is to use other people's money if your budget doesn't allow for it.Podcast 289 talks about this a lot if you'd like to look more into it.Best of luck on your investing journey!

Now, if it doesn't work and you want to go back to the way it was, now what are you going to do with that space?