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If you must rent then you must carefully prepare a lease agreement. No handshake deals allowed!
If buyer/renter refuses to close deal for any reason, only way you can get them out of property is if you have a rental agreement that gives you right to evict. It must also be a short term lease, so there is no misunderstanding about buyer/renter remaining in property if deal goes bad.
In purchase agreement you must spell out exactly, in a dollar amount, what repairs or improvements you will pay for. The agreement should indicate buyer has had an inspection period and is buying subject to your limits on repairs and costs... now and in future. If legitimate defects are found in property during rental period you can negotiate a solution.
You must collect sufficient security deposit to cover rent and potential damage renter/buyer might inflict upon property.
Look, if for some reason you feel you must accommodate buyer during closing period… pay for a motel room. Chances are it will be far cheaper in long rund.
Mark Walters is an investor-entrepreneur helping other investors from his Web pages at http://www.Lease-Option-Sub2.com