I think we could all do better to educate tenants to the fact that in today's digital world, they can't get away with this crap anymore.

Any investment is a gamble - not as risky as the craps table, but never guaranteed - and you shouldn't be gambling with your future.

Crap like that.

So, about the numbers, I would take a look at the Tools section of BP where they are calculators for several different types of real estate investments, they also have some video tutorials on how to fill-in the numbers needed to run the calculation.

Most of the free tutorials you can find online are for general use (no specific industry) so you may not see it fit, however, QB can be customized to tailor special industries like REI.

I run across these yahoo kinds of guys every so often, they just try to get away this kind of crap all the time, mostly with homeowners, trying to sell something that’s not at all what they promised.  

Bank owned-REO typically sold with clear title and title insurance.Foreclosure auction-crap shoot, buyer beware, as far as clear title and liens.

Shop the crap out of it.

I've heard an interesting tip on a podcast once where the owner had out of state properties and property management in place, but whenever there was a vacancy he personally promoted the crap out of it on zillow, redfin, craigslist, facebook, etc., regardless of what the PM did.

Then once The tenants family gets his crap out I get them to sign off tenancy and all possessions that day .I then clean up and burn or throw out anything left .