Covid has thrown a wrench into stuff but 6 month volatility is scary, 20 year AM while common isn’t the best (you can get some 25) and some portfolios have readjustments at 5 instead of balloons.But in an environment where the rates are so low and the fed is planning to keep them that way they may work for you.Comments that “they work out the balloons” are only as true as the banks current appetite for doing so.

I see a lot of 2 or 3 bedroom single family homes in my area that are renting in the $1000 - $1800 range, and so I feel like the 2% rule doesn't really work out here.

If he needs to work out payments or maybe pay biweekly for a while get an addendum to protect you both and try to keep things civil.  

If the ibuyers don't work out you may be able to get considerably more money by listing on the MLS

I am a research intensive person and so I have a lot of friends who ask and trust my advice on finance, investments, real estate and recommendation on service providers.

Everyone knows long distance is stressful and most of the time it doesn't work out. 

Lease options fail to work out many times, and you're stuck with the bedroom painted black with purple zebra stripes and a bathroom they tear apart then realize they have no clue how to or money to afford to pay someone to put it back together. 

., make sure we are on the same page), things should work out.

It might work out to be a flip provided your ARV is correct. 250k*9% selling cost=22.5k. 223.5k-199.5k= $24k profit.

Otherwise, you might buy what you want to live in initially and find that the math doesn't work out for a long term rental when it's time for you to move.