The road to actually closing on this property is far off, may not go to auction and if it does, will go for more. 6 beds is like a hotel, very management intensive and who would want to live in this style of housing other than students.

If she were to leave the rent would go to $950 or even a thousand is normal for this complex for that style unit no sign of big assessments on the horizon we the purchaser would pay and Escrow Company or title company to set up an escrow account (I think) that we would pay into the company would pay him the company would keep records who paid who pay the taxes Exedra so then neither party in the future could say that he either didn't get paid for we couldn't say we already paid him.

This will be a good time to find out the current condition of the units and to introduce your tenants to your management style.

Everyone's style is different.

@Nick Hawley Did they buy mostly the glue down or click lock style?

Louis rent out the detached garages for extra income; your space would be a little more secure than a standard garage if you build it out with a wall and extra wide (or French style) double doors.

It's to be auctioned off tomorrow.It's a 3 bed/2 bath 1340 sq ft ranch style home.He says the he currently owes about 29k to the mortgage company and only wants a couple thousand to walk away. 

I am not 100% sure you should check with your CPA but I am pretty sure the next property has to be of greater or equal value than the one you sold and you have a limited time to select one and the property has to be a similar style of property.

Working in downtown Boston, a person has a few choices and these are just the most common;  commute a very long ways to live somewhere affordable sacrificing a lot of your life commuting, commute a short ways and live somewhere that is very expensive, commute a short ways and be in a not so great neighborhood, etc...

But as to your specific property, what type units are you thinking of building br/ba, style, finishes, etc?