/assessments) = +187.50 added to qualifying incomeThe problem is when you buy a rental that is so tight on income, using the formula above your net qualifying income becomes "negative," or a liability counted against your income or AKA a liability you now have to qualify for.

Your landlord/tenant laws should explain what is required of you, likely some itemized list of the extra charges you'll incur as a result of the cancellation and daily rent rate for how long it is vacant, and there's likely a deadline, like 30 to 45 days, for you to send it and the refund back to the tenant.  

If  you don't need the cash right now then sit tight. 

I know that sometimes rentals can be real tight space and for the right situation this may be an option.There is a recess behind the sink to allow the sink depth and room for drain pipes. 

Investing in great areas with smaller returns but also low expenses due to tight management and being in a highly desired area.

I don't ask questions much until I have either exhausted my research efforts, or am on the fence with a decision and have come up to a deadline requiring me to pull the trigger.And my "Occupation" is not "Homeowner."

.,  Based on your 1-year goal, develop objectives that are measurable and have deadlines. 

I am also going to be a little tight on cash because of the down payment and fix up costs.

@Dave Godfrey Lots of moving parts on this deal...Friend has income to pay rent/buy, but has not claimed enough to qualify for loan, will have to partner up with someone.Worth 200k and willing to loan up to 50k, means may be willing to take around 150k now.Tenant has helped owner get to this level by renting for last 8 years...use as leverage in negotiating.Variance in market value, focus on comps to justify lower price.To 1031, owner has a tight timeline, make sure of flexibility on both sides...It will be all about negotiating an acceptable deal and lining up a partner on loan, in my opinion.

Also, on the hudhomestore website I noticed it said Period Deadline: November 6th.