I'll add the update later this spring/summer and see how these end up netting out.

It would need updating to get it back into shape.

Keep submitting offers those offers and have thick skin.I would regularly get insulted by sellers regarding my low ball offers.

Quick update: I spoke with Wells Fargo and they seem interested in providing a loan to an LLC so we'll see where this goes.

I used MAS 90 accounting software in the mortgage business, it's updated now, but you probably don't want to buy that to figure an occasional loan payment. 

If they cant qualify today, find out what is lacking, and have the RMLO state that in a letter. 3. the tenant buyer has "skin in the game" from the option fee, so they are less likely to damage the place. 4. the seller should do a walk through and inspect the place regularly, like every month. 5.

So you can get them under contract like any other regular property?

They're going to turn over every year and you may have a month or two of regular vacancy if the school has lower enrollment during the summer.

This $1,100 is in addition to the regular profit they will receive.

As an example, the most recent report of "existing home sales" showed that 4,900,000 homes were sold on an annualized basis in November, 2013 (the last reported month). Since this is an annualized number...