Little bit of back story. We've currently lived in the house for a bit over a year at this point and our lease doesn't end until May 2018. Our landlord (who is a real estate agent) bought the house as an investment in 2014 for ~$110,000 but for some reason he just decided to sell it. He originally listed it for $99,000 but he's already lowered it to ~$93,000.
The price dropping already makes it seem like he's having issues selling it. Especially since during the showings so far the potential buyers and their real estate agents have all been confused on us having the current lease. I don't know if they think we are leaving soon or what. I was under the impression he was attempting to sale it to other investors (what he told us) but so far the potential buyers are acting like they want to move in.
In our current situation we may end up moving next year, which would require breaking the lease or may stay until 2018 when it original expires.
With all of that said, I'm thinking of just buying it myself. The mortgage would be ~$200/month cheaper(counting estimated taxes based on last year and insurance) than what I pay in rent (unless I go for a shorter mortgage). Plus when we need to move renting it out shouldn't be a problem as it's a prominent university city.
So I guess my questions are:
As far as negotiating price, how much can I reasonably ask to be taken off? Since it would be between us I would assume there would be no realtor fees he'd have to pay so that would instantly save him money. Another factor is my security deposit($850) which would normally be transferred to the new owner. Then considering the fact he's already lowered the price quite a bit. Seems like it would be fair for me to negotiate the price with him a bit.
Besides from not being able to find tenants when we move, what other issues could there be in the future? We've been here for over a year so I'm pretty aware of the condition of the property so I'm not worried about that.
How should I prepare to being a future landlord? When we move, it'll be out of state so I already know the property would have to be managed by someone else (unless we just sell it).
Is there anything else I should be thinking about in general? This would be our first time buying a home instead of renting so this is all pretty new to me. If you need any other information feel free to ask and thanks in advance for any info/advice you can provide.
EDIT: Just to be clear in case there was any confusion. The entire "building" is about 5 attached townhouses but my current landlord only owns the 1 we live in, which would be the one we would be buying.
Another thing to mention is that I'm a veteran that is 20% "disabled" so getting a VA loan without a funding fee would be no issue. Credit score is also ~735 with my only current debt being student loans (still a student so I'm not paying on them).