Bought A Property With Owner

[Bengallo Morrison]

A few weeks ago, I won a bid for a property at a public auction. The property is owner occupied and just needs cosmetic repairs.It appears the owner defaulted on his taxes and the property was bought by a tax lien company and then sold at auction. The current rental value of the in this neighborhood is $1200. From speaking briefly to the owner he can only afford $400 as he is on a fixed income. 

As much as I would like the work with this person as a tenant, $400 would not be enough to break even. Currently, Trying to decide next step after I close.

Has any one ever dealt with a similar situation? Any advice?

[Dante Feria]

Need to evict them or pay them to move out .