@Mindy Jensenis right, there are good debt and bad debt.The worst case scenario is just you can't rent out the property for a prolonged period and you need the cashflow to support the property.Ask yourself: how likely is that?  

One very important thing to keep in mind is you should be checking in with your property manager in a weekly basis. 

In the back of my mind I am a little worried though as I discovered this lady has done time for murdering her ex boyfriend with a handgun.

This website is "The Bees Knees" its like steroids for the investing mind, I am so grateful to be a part of it!

@Mindy Jensen I was asking the inspector for a full inspection on a 2500sq foot house that had no sinks, light fixtures, hot water heaters, multiple holes in the walls ect.

As John P. mentioned, try to use something in the structure of the contract to be released rather than saying "I changed my mind, I want out".  

Edit: Never mind, I see where the 7K came from. 

Given all things, my mind is set on targeting absentee owners, for now at least, and I'm preparing to campaign in that direction. 

Another thing to keep in mind is that you need to be able to pay them off each month.

Thanks @Mindy Jensen!