Some times you can’t put a price on peace of mind. 

It seems to me if the tenant truly is willing to offer up $300K down that he is serious about the property and that he is confident they will have financing set up by the time their lease is up (22 months).  

Not taking full advantage of all the incentives they provide for the work and the life is setting yourself up for a fall.

look into the affidavit filed at the courthouse that gave rise to the peace order. 

I like to have an appraisal done as soon as I take possession to set that base value.

After several phone calls and meetings, with accountant, financial adviser, and attorney,  (my team) I have decided to go with setting up a new LLC for this property.

I'm definitely looking at ARV in setting the final rent.

In our area, the town does provide recycling cans - usually we go and get them from the town when we first set up an apartment - if the tenant breaks or loses the can, they are responsible to go get  a replacement.The town does provide garbage service and the tenants can put out up to 3 garbage bags at the curb on pick-up day. 

That is only $40 per month set aside for vacancy costs; it would take 10 months to have enough set aside in a "vacancy reserve" to cover the costs of just the mortgage payment for ONE month.

If you can find the right deal, you'll be able to set yourself up for success.