He’s afraid it will bring the issue to light with the authorities and if the cost is too big we’ll back out and he’ll be stuck with a bigger problem.

A good way to show a longer age of credit is to have your parents add you as an authorized user under their credit.

Unfortunately it’s ran under the PHA of the Cook County Housing Authority.

This clause gives them the authority to sell the property or assign the property to another buyer.

May not happen, but you should be prepared for the taxes to go up.The taxing authorities are supposed to tax at market value....but don't tell you how they get there.They do have access to MLS, but they also have plenty of other estimation tools.I think by law they have to look at least every 3 years at values and modify assessments to match market value, but in reality the bigger counties will probably do it every year.

Also ask to speak to a supervisor ( bypass the tenant’s case manager who I assume is the one telling the tenant not to move out) at the housing authority to explain the situation. 

If you are considered low to moderate income, and you have verifiable steady employment and decent credit score, there are usually attractive loan options available to you via state housing authorities and community banks.

I would like to have authority to make day to day decisions but we would agree on a framework for major decisions, exit options, etc. 

I've been implementing the Profit First methodology after it was recommended to me by numerous successful real estate investors and speaking directly with the author, Mike Michalowicz.

So, I got a 1099-misc from Yardi systems on behalf of the housing authority, and they put the rent amount in box 3, "other income", instead of box 1, "rents", where all other 1099s have it.