Less expensive competition in JC Heights? 

How are the Cleveland Heights and the South Euclid neighborhoods for cash flow positive properties?

For estate planning and assett protection contact Richard "Dick" Erdman in Fairview Heights.

She didn't like the fact that I wouldn't be the owner of the property and would get non-refundable option consideration money if the T/B doesn't exercise their option to buy.

Make a solid game plan as to what you want to do but taking into consideration what you're currently comfortable doing.  

Looking for recommendations for contractors / handy man in the Collingwood / Haddon Township / Haddon Heights area.

Purchase prices are considerably lower than Los Angeles and other cities in SoCal but the rents are still high enough to produce high cap rates compared to the rest of the state.

At one small 8 unit apartment complex in Shaker Heights 1/2 the roof blew off in the winter of 2015 5 months after I purchased it. 

In regards to your current deal, I would be hesitant because even though you will be able to afford the mortgage payment and it looks like you have a renter already in place, there is still a lot more that would need to be figured in.1) Taxes ( Not sure in your area, but you could find out very easily or this may already be included in your payment)2) Cap Expenditure (Figure at least $100/mo)3) Repairs (Figure at least $100/mo)4) Property management (8-10% of current rental rate roughly $150) - I know you may manage it yourself but if you ever decide not to, you want to take that into consideration so you can plan for that.5) Vacancy Rate (5-10% of current rental rate $75-$150) - even though you have a renter you have to plan for the worst case scenario if something happened to him and you were unable to find someone to rent to.So if you add the above that is an additional $425-$500 not including your monthly taxes.  

A contract isn't valid without consideration.