All of them have essentially perfect payment history going back the last 2 years, with very minimal maintenance requests.  

Do not beleive any title that is on a business card that you do not know for sure is accurate until they prove to you that they are real and trustworthy to you and your goals.Planning is essential to be worthy of what you are doing.

Less paperwork and hopefully less of a hassle. 

You are buying a property that if done by a quality provider has a very solid rehab done, essentially a new home in most aspects. 

I recently wrote another forum preceding this, essentially introducing myself.

Essentially they tell us that, " yes it made $2k last month but since there is no signed lease nobody knows what it'll do in the future". 

Essentially take your actual loan payment and annualize it then divide by the principal.

You need to check your state landlord tenant laws as see what the maximum amount is that you can charge for a late fee is.. and what day the state considers a late fee applicable.How your lease is written for this may not mater if your not in compliance with state laws.Yes you "include late fee in eviction notice and on court paperwork. but it's listed just as that XXX late fee. 

Read the paperwork, ask even more questions, accept the responses with skepticism.

Now, the original owner of the property has what is essentially a second mortgage, So, he will have the option to foreclose from second position if you stop paying him as well.