Realtors are held to a higher standard than the general public and our duty is to look out for our client's best interest.  

@Ungwang Boiteto I would say @J Scott's www.123flip.com is a gold standard.

But..this is extremely rare - and I never heard of this on a standard home bought by a small investor.

The financing is what really scares me.I'm estimating what the property's value would be at a 7% cap rate, which is around standard here.  

Or maybe buy one, live there, rent it next year and rinse repeat your next few years and graduate debt free with a few cabins on small lots.Yes, if you want a standard multiplex or stick built house, it may have to wait for a full time job, bank lending and such.

If you are renting a high end unit hopefully tenants will have high end standards themselves but you can not expect anything from a tenant.

Obviously, those usually come in the standard 60", I'm not sure about 58".I think the three piece fiberglass surround might work, as you can cut it down to 58".

But if he does , he can: 1) Simply draft up a Letter Of Intent, with bullet points outlining terms of a proposed offer, subject to a week or two "due diligence" on his part, and include that "this is not binding on the parties" 2) Fill out a standard contract with the same due diligence period.  

But if it's occupied with working central heat, then it should be covered on a standard Landlord Dwelling policy. 

This sounds like a standard commercial loan so resetting the interest rate every 5 years would be a common practice.