You wouldn't want to pop a 2% balloon unless you sold the property, but make sure you write it as assumable so you can sell it.  

Check out the threads that Nicholas L. linked to above then use the search function and you will find literally dozens more like it and begin to understand what can go wrong. 

Will you "freak out" when you have to write a check for maintenance or eviction?

You must give him this letter in writing, or certified mail, or tape the letter on his door.  2.

I am out of state and the only way that I feel that I can get people to walk through the properties are if I find them on market and have Shawna write up the offers. 

The reason that I did not think it was for me is it did not have a function for estimations. 

One last thought is your likely going to be getting a larger depreciation write off with new acquisitions.

You can also write off expenses such as property management, insurance, repairs, etc.

In the buyer line we would always write "*entity name* and/or assignees".

Leaving out auction and foreclosure costs for a second, when you write that check for $220k the trustee is going to pay BigBadBank the $175k they are owed first, then he's going to pay LittleBadBank the remaining $45k, and you will get a clean title as the process is going to wipe the slate clean.