For instance to buy another investment property.

I know to plan for the scenario that you end up with the property, but I still would like to know how likely it would be in this instance.

When you say $15k of equity between UPB and current BPO, do you mean for instance the UPB being $50k and the value of the property being at least $75k?

The menu is not very extensive. 

If I was fully invested for 285k for instance, I'd get the first 10% of profits and he'd recoup the rest.

I have been networking extensively calling agents and talking to them.

Even where tenants do not own the homes I have heard that turnover is not any higher than other forms of low income housing when properly managed ex. credit checks for tenants, no tenants allowed with extensive eviction history, etc. 

I discussed these problems extensively with Asa and gave him multiple chances to remedy the situation, which resulted in talk, talk and more talk.

For instance, if the doctors note does not specify that the tenant needs 3 cats and 2 ferrets for their therapy, am I now ok to charge the deposit?  

A big point from the topics discussed are durability, for instance the tile will take a beating and should last a long time, given no one is dropping their bowling ball in the bathroom.