I'm purchasing a property and taking over the tenant who is currently in a month to month lease, always behind in payments, does not live in the property, but does state in the lease agreement he can store stuff at the property.

Personally, it feels a little too Stepford Wives to me which is why I chose to live in Henderson.  

We're having our first live meet-up!

Rent here for 2bdrm house is well over $1000, so it more than covers extra cost, heckif one rents 3bd they could live free.

However, if they choose not to sign a new lease, they can still enforce the old one and live in the property until the lease expires in a year.

i live in long island, new york and it is notoriously expensive, even the cheapest of areas could still run around 160,000.

He has a problem with (2) of the owners not selling their interest and they still live there and he owns the majority.  

I'd say you're close and you need more research, estimating full bath and half bath at the same price gives my thoughts a red flag that you're too green, although it is mostly accurate (but still low imo) as it evens out, but applied individually, it's dangerous at best.Yup, I lived in Gaithersburg (where I assume Trevor's flip is) for a long time... 

I live in NYC and my rent is around 3,500 a month.

I live in 10 Penn and own a quadplex in The Plaza.