I'm sure a (neutral) lawyer can put together an agreement and likely has a litany of what-if questions for all parties to consider.

Frank Ruopoli Look on BP, spend 20 minutes on Google, read articles from (theoretically) neutral outfits like this:http//www.cleveland.com/consumeraffairs/index.ssf/2012/08/a_flurry_of_alerts_about_trave.htmlPersonally, I think it's odd hearing about these programs on radio ads during radio shows put on my "professional gamblers" that tell you that they "have a system".

An escrow company is key in providing that neutral third party aspect of the deal. 

With the meter bypassed , it sounds to me that there may be a floating neutral .

I've spent tons of time searching and making offers, but still far less than you are, and mostly on the open MLS- but I feel like I've gotten one decent, and a few really good deals   I bought and rehabbed one house that turned out to just be an OK deal (due to search fatigue, the insane competition and a bit of a hurry on my part) which ends up being approximately cash-neutral on a 15-year note, in a good growth area.     

Cash flow neutral. $37000 mortgage paydown- $9000 selling cost= $27000 cash in year 10.

Mgmt Co issues a annual K1; where as partnership fee disbursements are calculated so that single property holding partner shows neutral tax benefit/liability.Post-refi: move property into a holding company LLC (ignor due on sale clause concerns)

So, my bulletproof investment formula is the following: Maintain at least a 40% savings rate, invest your savings at >8% returns to outpace the real rate of inflation, save until you can afford to put a large deposit down, flip that into a low fixed-interest loan, to generate at least a cash-flow neutral investment return on an appreciating asset. 

Most rentals end up being debt neutral of very close to that.

@Keonte SingletaryStick to the neutrals.