In addition to what's already said above, Of course do your due diligence from ensuring proper leases are in place, the rent he says is what he gets by checking his bank account or some sort of proof, make sure the expenses he quoted are correct by looking at utility bills etc., title should be free & clear, no zoning violations etc.

As I acquire more properties I’ll have to go through a company.

The logical solution is that market rents be adjusted to account for landlords additional cost.  

In addition, I am also looking for additional niche' here in Orlando that produce great returns on investments.  

He acquired the property about 15k / unit.

Individuals can invest in private real estate by acquiring assets actively as a direct buyer, or passively with a private real estate investment firm, an online crowdfunding website or a non-traded private Real Estate Investment Trust, or REIT, which is not exchanged-traded and subject to market volatility.But three things are not confusing: the main benefits of investing in private real estate.

Truth is he DID intend to buy as his primary, because 2 months after we closed he called asking if he could get a construction loan for a $300k addition on that home which wasn't really possible given that the end value of the house just wasn't there. 

Some can even charge additional if it goes over 2 hours for the move outAs you can see, striking a deal can save you time,money and effort especially if you feel you are dealing with a tenant that knows the drill

Ofcourse the flip side is if discovered there may be additional penalties or fees.

In addition to that, add a contingency that says that the financials must meet your approval.