I also found out that there is no tax break at all.

They just want to break even-ish for the first 6-12 months.

Depends how professional the current PMC will be about the transistion.First, have client get all leases.Then rent ledgers.Make sure you get a copy of their current management contract, so you understand the Termination requirements - you don't want to break any state agency laws and have the curent PMC file anything against you.Make sure the client follows the Termination requirements BEFORE you take over.Suggest the owner emails their Termination notice to current PMC and copies you on the email.

I had a year contract I can't break unless I SELL.

I'll break it down for you, if you have no experience I would recommend bigger pockets from the start go through all the podcasts that's a education right there. 

PM me since I don't want to break any of the  Biggerpocket forum rules by posting any names . 

It could just end up being a tax break.  

They were struggling to find a new place to live and needed financial help to secure their next steps and provide Christmas presents for their children.

You may be able to break even or cashflow, but you'll be putting 25%+ down and your CoC will be pretty bad.

When looking at your next investment property make sure to look at what is the max rents you can receive for that property. the goal is to cash flow or at the very least break even at 75% of rents received.