On my low-end stuff ($30k-$100k), I do half of first month's rent, otherwise no one could afford to move in.

I'm nervous that the owner might balk at the fee I'm earning and I can't afford to sue him right now and he doesn't have anything for me to get but equity anyway.

Lastly, the foundation guys and roofers I use are great for that as they get these massive jobs where people can't afford their services.  

I'd consider it a safe investment, if you can afford to hold for a while.That being said, your buy-in will be significantly (prohibitively) higher than most places in the US.

What if they couldn't afford that at that time? 

Unless I'm missing something, I can easily afford it but the problem might be getting the financing so I haven't looked into it yet.

I just need somone experienced with this to get my T's crossed and my I's dotted. 

But you can still find something in that price range, just maybe not close in.The problem that I see with your plan is that it may be difficult to figure out how much you can afford to pay each month for a mortgage without knowing how much you'll be making at your next job.  

t=1m35s Rule #2 doesn't apply!

The house is in a neighborhood that is still fairly affordable and transitioning.