Often, the tenants have lived in the properties for many years and would prefer to stay. 

My roommate pays $600 and I am letting my brother stay with me at a discounted rate of $150 (he's buried in college debt) So I am breaking even every month instead of making a profit, but it has been sweet not paying rent/mortgage.

Thanks Colleen, we are in love with the keys, hopefully the weekly vacation rental market stays strong, I will have to count on capital appreciation 

So you're a civil engineer, what's the going rate per hour in your fieldOn a side note, I think I'm going to stay clear of an SBA loan and get some good old regular financing on the property (cause I can buy it on my own) then bring in some private equity to design and build it out.

I haven't yet contacted the mother and don't know if I should get involved at this stage or try and stay out of it. 

Is it unrealistic, is there something I should be aware of?

Depending on how long you stay will impact what they lend.

Unless you are aware of what type of policy my contractor has and you can give me some insights, suggestions about that, I don't need a statement of things I already know.

HiI would like to get an idea on how an owner financed commercial property deal might work in New Jersey - middlesex county and become aware of the pitfalls so I know what I'm walking into.

Would specifically advertising the contract of sale or option with the seller's knowledge be enough to legally reach out to potential buyers, or are there still more developments that I would need to be aware of as well?