However the tenant is telling me they have personal issue and wants to move out of the lease or asking me options to break the contract. 

I just don't know if I will be happy or feel safe living in some of the homes/neighborhoods that I would be able to afford paying cash for.I've heard opinions for everything from 10 year, 15 year, and the 30 year mortgage options.

I’d struggle to come up with the 3.5-5% down on an fha or other low down options. 

They are now offering a damage protection plan  and  cancellation insurance with an additional optional fee cost to the guest.

List every town where your closest family and friends (only the ones you trust) live.3.

A underwritten lender Pre Approval provide sellers with greater assurance that the borrower can close as well as an option for accelerated closing date timeline.

@Michael Mainini you have options and renting could be a good choice if your interest rate is low.

Looking at all the options on Zillow Rentals it seems like there's a lot of places falling apart and landlords want their tenants to pay for everything (no washer/dryer included, lawn care not included, first $100 of any maintenance requests, etc).   

Budget $300/ft for conversion, plus land acquisition.

How much should I budget.