However, I am very confused as to how to fill out this Letter of Intent (LOI) from the seller. 

If location is B to C it might take longer to fill and generally might want to work with the tenant more.    

Also, if they are not aligned you basically have one paying the mortgage, insurance, etc while you fill the other side...

You need to act fast to fill this vacancy.

When you go farther SW or NW it tends to get too expensive for good cash flow on multi-unit properties.SFRs are managed easier but should be purchased in towns with a high rental density to avoid long vacancies (with only 1 home, when the tenant's leave it could be hell on the landlord if it becomes hard to fill that 1 vacancy).

One of my single family in Euclid had a problem with raw sewage during heavy rains mixing with the rain water and filling the basement with over 12 inches of that disgusting stuff. 

I guess I misunderstood.Anyway, if there is ceiling damage to two suites and they say "any assessment at this point couldn't be final", AND that the building already had empty suites that they are now going to fill with "deserving tenants" (what??)

Let the PM find potential tenants, fill out the application and do all the paperwork, but you do the actual tenant screening.

What an exciting, and scary time....filled with opportunity for the taking.Don't get caught up in the traps of spending money. 

I had one filled in for $3,500.