Cash Flow is my primary goal.As far as if this is a good deal or not will depend on what kind of comps he can get to establish a good Market Value for the property.  

@Daniel Saunders,Get familiar with how to raise money from people with self-directed retirement accounts, or folks with retirement accounts who are looking for better returns with less volatility than the stock market.By definition, private lenders are people with whom you have established a relationship before discussing money.

I intend on running an establishment grounded in integrity, therefore I will be taking every step to make sure my reputation is one that my kids can be proud of.  

(Ex: Filling up a pool, running the hose for hours for gardening, etc.)You do not have to pay for water bills for a well that is already established, but if you're talking SFRs, you shouldn't be paying for water as the landlord anyways.

That is called gambling.

But from what I've been told, there was a court case in Oklahoma that established the following:"The commonly accepted definition of “purchased” is a ”binding agreement“ to pay an agreed price. 

I wasn't previously scared of roofs but several months ago went to a REIA event in Atlanta where a very well established flipper opened up her latest rehab, a small bungalow, and when she said the roof on that tiny place cost $8k I was floored.

Collect lessons learned, establish business processes and start to snowball this.   

I spoke with the current employer and the applicant received positive feedback.So my question is how do you guys deal with a situation where an applicant looks good on all aspects of the application, but they are moving to a new area and haven't yet established employment?  

What my gf and I will be doing is buying a SFH in order to establish roots.