He told me that he travels to and from the property just to mow the lawn as a form of exercise and apparently wants to dictate the terms of the negotiation.

Maybe my inexperience played a role in these numbers, and I was scared to make offers over the phone without looking at homes first. 

I would exercise plenty of due diligence before investing.  

Maintenance is delegated to the tenant/buyer that is legal and that is stated in the lease.Seller remains on the deed -it's still his-her property until the option is exercised.

This is an exercise in innovation.

Does anyone have any thoughts on the comparison of corporate bonds and passive roles in a multifamily property?

I imagine the original note had an assignment of rents and when the owner had to reduce rents or had a vacancy, the bank exercised the assignment and the bank later sold the note to a note buyer, most likely for a discount.  

The following is the monthly rent role... 1br = $12001br = $9401br = $11002br = 1433The total rental income less the basement is $4673.00.

FIBI, SDCIA and NSDREI all of which take on a more audience and presenter role. 

One really weird thing about being an REI investor full time now is that in both roles I would enter an apartment (hundreds of apts over the years in both roles), spend 5 minutes assessing the situation and walk out.Is your passive or business income from real estate the same, greater, or lesser than when you were working a job?