But the person using HomePossible cannot have owned any property in the last 3 years.

My last salaried job worked out to be about $25/hour, so anything approaching that number would be sweet. 

Lastly, in NJ (unlike NYC) you have a realtor because you are looking for a house, so any lease will likely only last a year, IMO.I had a realtor send me a great professional couple this last go round.

This simple step would have saved me tens of thousands last year.  

Ex: Credit score 625 or above.Income 2 to 3 times the rentJob verificaton current paycheck for last 4 weeks.Occupancy,, limit occupancy in unit / house ,, the total number of people can't exceed that number.Criminal,, no felonies..Valid Social Security NumberNo CosignersRental verification from previous landlord.No prior evictionsSample list.. separate application for all people in apartment,, combined income must equal the 2 to 3 times the rent.. 

It is my understanding that you will pay first/last but not an additional security on top of that unless you have a pet.

Earlier this year we replaced the original water heater (I am sure the new one wont last 33 years).They will be gone as of September 30th, then begins the rehab and renting process. 

However, this new buyer is threatening to get attorneys involved because he seems to think that this is not a encroachment granted in perpetuity.I think my folks are in the clear on this due to the nature of the language in the agreement but the last thing I want to have happen is get lawyers involved and have them have to pay to move the tank since, technically speaking, they are in the wrong.Don't have any experience/advice in this matter?

However, last year my mother began showing signs of early onset dementia.

Its back on the market as the last buyer didn't have enough cash for the liens.