At that point I can evaluate market conditions, time of year, situation at hand, etc and provide a reasoned lease cancellation quote for the tenant to consider.

There are lots of ways out of most deals/contracts and professional courtesy usually causes nearly all sale fails to result in the buyer getting their EM back (especially in residential), even if it's more for practical rather than "letter of the law" reasons. 

@Chris Roche, Yes... that must may be the reason.

It is in fact the least expensive way to live assuming one is reasonable about what they rent.

The tenants are about 3 months behind and she is just done with it.She wants to sell me the property, however she prefers to offer me seller financing because she wants a monthly income and does not want the lump sum payment her reasoning is because she doesnt want to be taxed..

For that reason alone I would choose a SFH always over a condo.

Verify their source of income....look at how the treat their car...and....cross your fingers..or look for another tenant...remember..people rent for a reason...

I have about four savings account which totals a little over 3k for different reasons like Emergency (2k), Travel (1k), a credit union saving (~300+), and investments (~350 and adding [Had more but I spent it some stuff to educate myself and get started with the stock market.

You have a little bit of an information advantage most sellers don't... buyer is acquiring for a reason, it's not just random, you have a record of what prices this single buyer has been buying the other units. 

The average income of people who live in these areas is also reasonable.