I started hinting a couple of months ago that I will need to take legal measures if he doesn't get caught up and back to consistent payments.

I've talked to my agent about putting defensive measures into the Contract for Deed - such as enforcing the seller uses our payments to pay down their mortgage and letting us (the buyer) get notified from the bank if the seller misses a payment etc. 

The delta over asking price isn't a good measure. 

His advice will work for you if you have the correct measure of intelligence, experience, and willingness to work hard at it.I think a better option is to hire a property manager with the expertise and connections to handle it for you. 

We invested $62,000 in repairs, which included fully updating the property, finishing the basement, and installing egress windows for safety and added appeal.

Save up for 3-6 months' worth of mortgage payments, property tax, insurance, and upkeep costs as a safety net.

Both of which treated us and our guests as promised, and in-keeping with the same policies we held with Evolve. 8)Both VRBO and Airbnb have always held quality of experience and safety FIRST, however Evolve "pimpish" practices are simple out for the quick and easy buck despite putting owners, their properties and, respectful guests at risk.9) With Evolve all you get is shoddy, wide net marketing without any vetting.

A public hearing will be required before the Planning and Zoning Commission and the applicant (which can be either the landlord or prospective tenant) will have to demonstrate that the proposed use will not adversely impact the neighborhood / public health and safety.

Gas station employees, mechanics, landscapers, and many others work in close proximity to petroleum products on a daily basis for decades and they don't experience health issues as long as they observe basic safety measures like washing their hands.

The comfort and safety of rental cash or dividens when you won't need it for the next 30 years is wasting opportunities to grow faster.The benefit of no mortgages to keep track of is nice, but near 20 years later, I realized that simply putting it in the S&P 500 would have netted way more in net worth today.