We reluctantly signed a 2nd year with him because we did get all of his late payments and the property was taken care of.During the 2nd year, I let one late payment slide as a courtesy due to tenant family circumstances.

Please do not allow the seller's agent to sweet talk you into signing for the property unless you have made up your mind to inherit the eviction.

I see that you are currently signed up to a Pro monthly membership.If you'd like to upgrade to annual membership to get the free landlord forms, you can upgrade to Pro annual here https://www.biggerpockets.com/settings/subscriptions.

Look for areas with planned infrastructure improvements or new business development—these are signs of future growth.4.

On the other side of the property is a gas station with ample space between my lot and the gas pumps.The old Wendy's sign is still on the property in front of the parking spaces on a grassy area.

Never sign a contract or put any money up until YOUR Panama attorney has done a complete title search and YOUR Panama attorney creates the purchase contract.   

But it’s a good sign.

My question is if it's possible for me to have a promissory note signed in order to carry a note even though I'm not the buyer while concurrently having the seller not have a realized gain for the amount we're financing.

Most property managers will procure a tenant for you for a fee and you do not have to sign up for them to manage the property.

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.