I would love to bend anyone's ear that can offer insight, or simply follow along with another "newb" as we begin this endeavor.Happy New Year!

For example: when a one year contract is over and I wish to not renew with the tenant can I simply just tell them or do I need an eviction?

I saw a rant on FB today against landlords (RE Oregon's rent control) and all I could think of is how many people simply can't or don't want to buy a house.

As @Chuck Kramer mentioned, there are a ton of 4-7 bedroom high end new construction properties being finished this year and next, so you'll want to make sure that the aesthetic of yours will be unique enough to be competitive when all of those start entering the rental market.

For future reference, you should have a clause in the original contract stating something along the lines of canceling that 'as is' bit or the seller allows the buyer to assign this contract and allows the assignees to do any due diligence before entering into a binding contract, etc.

Check the application against all of your other screening criteria before entering the murky waters of a service animal. 

Should I only demand a percentage of total profit (like 10%) or would I simply lend the money to them?

The deal came through on a drip that I was getting from a local agent and I simply bid roughly 5% below asking and was able to negotiate a few concessions as well.

The deal came through on a drip that I was getting from a local agent and I simply bid roughly 5% below asking and was able to negotiate a few concessions as well.

We expect a few marginally profitable years, then either recovery or continued decline, depending on how many new players enter the market.