Sign an Assignment of Contract:      Check the terms of the contract.      

How much net profit in general should I look for on a long term buy and hold rental property like this?

More favorable terms sounds great to me, and I've heard this strategy before, but I'm not sure I understand how it works in practical terms.

In your experience, does one approach lead to better appraisals, loan terms, or overall outcomes?

Here are my recommendations for you.Since you and your husband own the duplex under an LLC, with one unit as a mid-term rental and the other as a long-term rental managed by a property manager, having the right insurance coverage is essential.Your property manager’s $100K liability requirement is low.

Would love to connect with other investors in the area that are also doing long-term rentals, renovations, and/or short-term rentals.

Were these originally performing loans that went non performing?

What should I be aware of in terms of fees, timelines, and potential compliance issues?

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You lose all of the control and these are long term investments - but in my experience the returns match what I had on the active real estate and I am hiring professionals to manage the assets.