Keep up on the rent coming in and follow-up with the PM on slow payments and follow-ups.I feel your pain.  

I worked with rentals after Katrina and it was FEMA rent payments for a couple years

One thing I forgot to mention earlier, he did say that he would make interest only payments of 7% to me, until the refi.

With the price of units in my market, it would take me years to save up the down payment for a multi.

In the case of non-payment, breaking rules, etc., do I have to follow the same eviction proceedings as with any other tenant or can I just kick someone out? 

After paying in additional 10% in Principle.Mortgage will go down to 1290/month.I realize there is a negative cash flow to start, but im thinking the 15k in equity off the bat and highly recommended tenants making rent payments in the 1st month is worth it (no waiting a month or more to find a good tenant.)Main goal is buy and hold.

Found something, a foreclosure, and the bank providing the mortgage wanted to know where the down payment came from.

More info $575 will be my mortgage payment, Rent $900-950.

A cash investor brings the down payment and closing costs.  

Can you use seller finance as the seller is putting down payment and your 50k loan from the bank?