If they fail to perform and don't pay rent it would be to my benefit, as I would be able to evict them and rent it out for market rent.Unless of course the court rules that you took unconscionable advantage of a destitute homeowner in conjunction with the below-market purchase which by virtue of the below-market rental arrangement was actually a disguised financing transaction that was made without following the proper loan origination guidelines and the former owner has an equitable interest in the property and grounds to reverse the sale (they'll say that that you promised to resell them the property in the future even if you didn't).

Still in the self-education/pre-investment stage, does anyone recommend a new investor like myself hiring a full service property management company, or can I initially only hire for tenant placing and vetting, while I personally perform handyman and interim repairs for new leases?  

I noticed on your profile that you said you would like to find a multifamily to get started, what stage of your research are you at with finding one?

I"ve build a few houses and have done quite a few renovations and in my experience people have a hard time visualizing things from a plan, but it seems you are well past the plans stage where they can actually be in the house and see the size of the rooms etc....The other side of the coin is in the finishes, you can spend 50/square foot just as easy as you can spend 500/square foot on finishes, so you want to make sure your clear on those things so you can explain exactly what will be there when it's finished.

The fourplex is a recent purchase in the final stages of rehab (should be completed this week).  

Or maybe do a partial arrangement.

The neat thing about a timber harvest permit is you can build logging roads under this same permit  No inspections nothing.. well our logging roads happen to be right were we would put our access roads for the short plat.. the landings  ( were you stage the logs to be loaded on the trucks) would be our building pads..

Right now we're just in the investigation stage. 

I am in the learning stages but boy am I eager.

rewrite the listing, take new photos, stage the house a bit when taking images.