He has made it clear that he isn't planning on selling it out from under us and we can rent as long as we'd like, though he is motivated to sell to us as soon as possible because he's moving into a new home well outside of this area and won't be having reason to regularly come back here to check on it, etc. 

I see an undertone in many discussions here on BP that the next downturn will be as severe or worst than 2008 and housing will behave similar to how it played out in 2008.

@David Detweiler - it’s likely different state by state, but I know in mass one of the additional “hassles” would be having to install a sprinkler system as part of the fire prevention system.  

I will also be having a new group of 5 sign for the next school year in a month. 

The only saving grace I have right now, for that plan anyway,  is that I have a friend who is an appraiser in the area and has agreed to look at comps to get a good since of what the ARV will be.  

BP is definitely the place to be.

The tenant could be having them over 3 nights or 21 nights, that point hasn't been made clear to me.Raising the rent by $50 for more visits seems reasonable, (legally, no idea).

Making a living is not as easy as it use to be. 

Are you going to be having partners?

The issue you might be having is that those test kits only test the paint they are exposed to.