Also, the purchase agreement does have an extended inspection period, a clause that says roommate needs to be vacated, and a portion of the purchase price held in escrow and only will be released to the seller if the roommate does not ruin the property when evicted.Thanks in advance.

Most banks/lenders will require an ownership seasoning period from 90 day to 6 months or longer.

Could be next year.Refinance that loan as an owner occupied property to a loan that doesn't have a deed restriction and then, after the required period of time (if there is one in the deed), then move out and rent away.Your homeowners will need to be switched to a fire and dwelling policy which will be sent to the lender, so follow the rules you agreed to in the deed for the new loan.Stephanie

But I would definitely get a structural engineer in there during inspection period, as that would be the largest issue.

It's quite a bit of money to be paid over a long period of time.

Invested capital: $1,000,000Total money distributed from this project: $2,262,000Total return of the project: 226%Invested period: 4.5 years approx.Annualized return: 28% ROI Lessons learned?

So finding a equity partner or a partner period is becoming challenging.

There is no statutory holding period but you need to be able to demonstrate your intent. 

Since I was only given an overview of the financials along with those leases after signing a confidentiality agreement, which seems to be typical around here, I would make any offer contingent on not only getting those tenants to sign a new lease, but more importantly receiving the past two or three years' operating statement and tax returns when I can do my true due diligence, including inspection period, etc.What surprises me most is that the current owner bought this property for $950,000 back in 2004, and is now asking $795,000. 

I love Gainesville as a robust market and teach there periodically.