Im a cash buyer and i beleive you will enjoy the selling process by doing business with me. 

My agent said the bring in $2200/mth but have no other debt or payments.They are stressed about having to move (it would stress me out facing packing all that stuff up) and willing to pay more to be able to stay.I feel we just screen them like new tenants and if references check out I'm leaning towards continuing with them, although they are below the 3x rent income requirement.The property would probably need $3-5k in carpet and paint to ready for new renters so it would he great to have a good built in tenant for a while.Anyone have a situation like this go bad that can share some things to watch out for??

Many of us come from commercial and me particularly government contracting, I don't as much enjoy when I work with residential, if we accept a sub 25k project, it's like working for free.

Once you have an FHA loan you are not allowed to have another FHA loan unless relocating a great distance for work.Now that you have exhausted your Low Down Payment Options (Portfolio Conventional and FHA Conventional and FHA) you will need to use a Standard Conventional Loan and put 20% down to get your 3rd Duplex.The sky is the limit...you could continue to buy properties and build an empire or just stop there and enjoy more free time...I have friend who quit his job and just manages his properties now.Keep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much.

Stop watching that flip crap on TV and get out into the street and find your own contractors and prices.Sorry to be short and cranky, but I am old so it is OK.  

You just have to watch how you word it.

Enjoy your new homeMike Bargetto

Anything I need to watch out for or suggestions to take into consideration when looking at a Rent-to-Own situation?

 Xavier welcome to Bp listen to podcast and watch forums and ask bp pro question to .read Rei book on bigger pocket ultimate beginners guide for Realestate investing Good luck on rei career .

So in the mean time I enjoy analyzing potential deals that I have zero idea on how to finance lol but I need to get better at finding/analyzing great deals to bring to others at networking events to gauge their opinions as well...