If you already have the buyer and the seller in agreement, you can probably skip the LOI and go straight to a contract.

Unless you have a solid plan to turn this around, selling now and cutting your losses might be the best move.

Bill Nickerson, who wrote the first book ever targeting small real estate investors and small deals (How I Made $5 million in Real Estate in my Spare Time) was a guy that was the u;to age straight shooter, told you the good, bad, and ugly - NO PUFF.  

It builds wealth and most importantly cuts your expenses and gives you a front row seat at being a landlord.Was the best thing my wife and I ever did.  

Of course we can cut our losses and switch.

This cover both where you might be cutting a hill down, but also the roads you are building. 

That and continuing the current tax cuts.

At closing, the title company cuts you a check or wires you $20,000 for being the middleman.

It sounds like you may not be cut out to manage rentals in which case you should probably sell.

I've done this on one house in order to cut costs - since then, I've added a meter with the utility company but it's a good workaround for the short term.