Nothing wrong with that just a different take and imo a much riskier one especially starting out.I would find out the rent increase guidelines set up in your area.

Seeing that this is now the second time he has locked himself out, I would set up some guidelines in the event that this happens again.  

While one that you do yourself will not be able to be used by the Bank, it will at least allow you to evaluation the property based on those guidelines the FDIC expects.  

Be sure to check the details of any investment account before you start it so you are intimately familiar with what these guidelines are.Lastly, remember that there is some value in "what do I WANT to do?"

I imagine these guidelines would be a pretty good blueprint for starting.

Here is the exact wording from the FHA guideline:4155.1 6.C.3.d Withdrawn Condominium Approvals If approval of a condominium project has been withdrawn, FHA will insure only streamline refinances without appraisals for that condominium project.

I personally was afraid of using hard money at first due to the cost and guidelines, but now that I've done a few deals with my lender it's pretty easy and turn key.  

Per the federal HUD guidelines outlining bedroom requirements, bedrooms in both basements & attics are subject to ensuring a ceiling height of only 6'8".

You could go for months.  6-9 is more like you didn't follow the rules/guidelines to begin with or you did a lousy job vetting and ended up with a professional tenant.

I am guessing it doesn't meet Fannie Mae or FHA guidelines.