Let God, the Universe or whatever else you call it handle the rest of the details.I don't know what your experience level is at this but I have found that the less you invest (emotionally) in the outcome, the more likely you are to get the deal.

If you buy these types of cash-flow properties in "bread and butter" neighborhoods you cannot go wrong.Never get emotional about a property -- if the numbers work, buy it.

Communication is the key to this situation.

Any existing lenders cannot communicate with you without written consent from the current owner.You may find a short sale, potential rental, or a flip.

Yes his story was sad but I felt like this had nothing to do with real estate and he was just trying to play on peoples emotions.

However, sellers get cold feet, get confused or freak out everyday, even with the best contracts and best communication.

I do some collection work for a law firm, and I can tell you that the best thing you can do is communicate.

But like Dawn said; if they are long term; have a good payment history and communicate up front then the pros can outweigh the cons.

Focus In on the Communication more.

Communication pointer.... you and your tenant need to establish early on how you will be communicating.