In the long run it will be more beneficial to you if you save up more capital.  

Maybe that property will go to foreclosure and be available in a year or so when I'm more seasoned ;) I had somewhat of an "Ah ha" moment after realizing that I can possibly pursue two paths that are not mutually exclusive for the use of the capital I want to invest:   conventional loans for buy and hold investing, and at the same time utilize hard money lending to rehab distressed properties. 

The return is much higher than mutual fund investments, and it's MUCH more interesting.

We can mutually agree to terminate the lease."

Unknowns, items not included, should be dealt with as they pop up, through mutual agreement, or find someone else to do them if you can't agree on price.  

I believe what I am doing and what my investor colleagues do is beneficial and helpful to many distraught owners.

Like others have said, it's not a necessity, but extremely beneficial in the beginning stages.

My question is this: If you plan on getting into REI, would it be beneficial to start a PM LLC for yourself to maybe help with the maintenance of any future properties, etc?

Taking over payment terms, and then tying up the equity, is not beneficial to my overall exit plan.

I would much appreciate any advise on how I could pull this deal off via a Warranty or Quit Claim deed while also making it beneficial for him and his family.