The owner is willing to do a wrap around mortgage AKA all inclusive trust deed.  

$750 a month to drive you around town and impress the friends :).Imagine once a month, every single month being able to go on an all inclusive trip to mexico's top resorts for a 4/5 night getaway, flight included and all you can eat/drink.It's not worth it.

@Jesse Wolf have you researched an AITD "All Inclusive Trust Deed" we use those in California in you type of situation. 

It doesn't need a whole lot of work, just some appliances and I would have to furnish the main areas.I currently pay $750 per month on rent all-inclusive which is actually a really good deal.

Does anyone have experience with Student Housing and using an all inclusive lease for utilities instead of having the students put service in their name?

Utilities - Water and Sewer 58.33 (Confirmed from seller) - Gas and Electricity 208.33 (Estimating to confirm) - Garbage (NA for this property) - Cable, Phone, Internet 120.00 Pest Control (NA for this property) Accounting and Legal (NA for this property) Monthly Operating Expenses 1,085.00 Net Operating Income (NOI) Total Annual Operating Income 33,480.00 Total Annual Operating Expense 13,020.00 Annual Net Operating Income 20,460.00 Capitalization Rate and Valuation Desired Capitalization Rate 10.00% Property Valuation (Offer Price) 204,600.00 Actual Purchase Price 210,000.00 Actual Capitalization Rate 9.74% Loan Information Down Payment 21,000.00 Loan Amount 189,000.00 Acquisition Costs and Loan Fees 4,000.00 Length of Mortgage (years) 25 Annual Interest Rate 5.000% Initial Investment 25,000.00 Monthly Mortgage Payment (PI) 1,104.88 Annual Interest 9,361.50 Annual Principal 3,897.00 Total Annual Debt Service 13,258.50 Cash Flow and ROI Total Monthly Cash Flow (before taxes) 600.12 Total Annual Cash Flow (before taxes) 7,201.50 Cash on Cash Return (ROI) 28.81%The Official Details From Seller:Asking: $210,000.00Property DetailsStoreys: 2 Building Size:Lot Size: 1045 Square MetersBuilding Size: 2328 Square FeetEstimated Annual Taxes: 3093.00 (2017)Unit 2 Presently rented: Rental Income $900.00 /month (not including Power)FeaturesWater Front Property (In this small town)Flooring Unit 1 Laminate and Unit 2 Laminate, Vinyl and CarpetFoundation - Concrete with 4 foot walls for unit 2 apartment (allows for much natural light with large windows in all rooms)Heating - Baseboard, Electric,Other Inclusions - Dishwasher, Fridge, Stove, Blinds, Washer, Dryer in both units~ Taxes, Water/Sewer paid until the point of SaleOutdoor: Landscaped and water fountainRoof Asphalt ShingleServices Electricity, FibreOP High Speed Internet, Telephone and cable/satelliteWater and Sewer ~ Municipality System approximately $650.00 per yearRoomsMain Floor ~ Unit 1 1260 Square FeetKITCHEN / DINING ROOM 12’ x 15’LIVING ROOM 15’ x 15’LAUNDRY ROOM 6’ x 3’BATHROOM 6’-6” x 11’-6”MASTER BEDROOM 10’-6” x 11’-6BEDROOM # 2 (walk in closet) 9’-4” x 11’-6BEDROOM #3 9’ x 11’-6”BEDROOM / Office #4 9’ x 11’-6”DECK 12’ x 15’Rooms2nd Floor ~ Unit 2 Walk Out 1068 Square FeetKITCHEN / DINING ROOM 10’ x 15’LIVING ROOM 15’ x 15’LAUNDRY ROOM 6’ x 3’BATHROOM 6’-6 x 11’-6”MASTER BEDROOM 10’-6 x 9’-6”BEDROOM #2 9’-6” x 13”BEDROOM #3 10’ x 11’-6”UTILITY and STORAGE ROOM 9’ x 12’BABY BARN 8’ x 10’  

I'll definitely go back to the drawing board with the inclusion of the acquisition fee and simulation the various split scenarios you described. 

One other thought is inclusive cleaning may not be a plus if you can bill cleaning to the renter, then it is off your tab.

Schiano:The other wanting to surrender the property is the owner of record so that's simpler if anyone knows if he can just sign a quit claim deed over to me in lieu of me filing a foreclosure action.Are you confirming owner of record based on a title company doing a true all inclusive title search or your DIY title search.  

This is inclusive of all expenses short of your debt servicing.