If the Landlord/Seller can not or will not make the repairs necessary, the Tenant/Buyer will have the option of either voiding this agreement by written notice to the Landlord/Seller or making such repairs and a) receiving a reimbursement from the next monthly payment or payments due to the Landlord/Seller or b) receiving a credit against the purchase price plus interest at 10% per annum from date of payment.13)BINDING AGREEMENTS:The parties hereto agree that this Lease/Option comprises the entire agreement of the parties and that no other representations or agreement have been made or relied upon, and that these Lease/Option agreement shall inure to the benefit of and shall be binding upon the parties, their heirs, executors, administrators, personal representatives successors or assigns.

In this case I would just pay the management company as my time would be a lot more valuable and I would not want to spend time doing administrative tasks such as described above. 

My day job is System Engineer/Administrator and I'm very knowledgeable in IT matters, I also am currently in an mba program.

I graduated from Texas Tech in 2011 with a Bachelors in Business Administration and went to work for a mid-major commercial contractor out of school.

more information:Purchase price: $470,000Less Vacancy: $8,793Total rental income: $66,645Plus utility income: $8,500Effective gross income: $75,145Less expenses:    Repairs: $7,280     Payroll: $3,380     Administrative: $1,170     Marketing: $234     Professional fees: $1,102     Utilities: $10,522Total expenses: $23,688      Taxes: $1,339      Insurance: $1,394      Management fee: $4,509Total operating expenses:  $30,929Net operating income: $42,915Does this look like a good deal?

I hope for your sake you still have lots of income coming in.2) Already stated, but you don't get the benefit of depreciating your assets.3) You can do nothing more than manage your properties administratively.

In addition to utilities, taxes, insurance & {possibly HOA fees}, you also have administration (accounting, advertising, legal).  

I would really appreciate any feedback you could offer.Purchase price: $470,000 (cash)Less Vacancy: $8,793Total rental income: $66,645Plus utility income: $8,500Effective gross income: $75,145Less expenses: Repairs: $7,280 Payroll: $3,380 Administrative: $1,170 Marketing: $234 Professional fees: $1,102 Utilities: $10,522Total expenses: $23,688 Taxes: $1,339 Insurance: $1,394 Management fee: $4,509Total operating expenses: $30,929Net operating income: $42,915Does this look like a good deal?

Typically you can make an arrangement with that debt collector to run the administration of the collection for around 35% of the gross proceeds.  

I just don't know how to get out of this hole..The debt we have is from cars we've bought and were unable to keep up on payments and the rest of the debt from @6 years ago being irresponsible but that was the past.We both have great job experience but the careers aren't ment to support a family.Before my kids I worked as a Administrative assistant for Barbizon modeling of San Francisco.