It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

It sounds like you've made it work well in Cleveland, but for rookies I think its better to go elsewhere.  

Only those that legally existed prior to new Codes can be maintained, replaced, etc.

Hey Ram, I'd agree with David, I think you'd like to include a few more expenses like ongoing repairs, trash and replacement costs, plus add in something for vacancy and bad debt, plus add in closing costs. 

sounds completely legal, maybe my friend is crazy and he wants to lose $900,000 There is transfer tax and property tax.

It sounds like this is a primary residence purchase if it is for your family, so that would result in a different answer than an investment property.

Sounds about right."

The smell of mildew is strong.I know the repairs part...but the mildew smell and such will be a new challenge.Besides replacing the damaged areas, I was recommended to shellac the entire floors and spray a mildew solution everywhere.

@Garrett Brown you’ve got a lot of options, but it sounds like cash flow is a top concern.

The way you described the deal in the 1st paragraph makes it sound like your "partner" is basically a lender.