The attorney double checked that all of our paper work was in order and we had fulfilled all of our obligations (and then some) to the tenant so far.Are these kind of hearings just a formality?

HI @Manoj Sadasivan, It may be that even though you've been clear, he still doesn't understand, agree, have the time or connections, or the market isn't providing the properties to fulfill your expectations.  

With that said, though, the argument could be made from your potential partner's perspective that you are only deserving of 10-12% interest payments, as that is what is paid to HML's fulfilling a similair role in the transaction.Ultimately, what split structure you decide on just has to be one that you're both happy with and feel like you're being sufficiently rewarded for what you put in to it.

I talk to the tenants and explain that they owe me back rent and that their legally obligated to fulfill their lease.

So if you wanted to "replace the mortgage" you can by using seller financing.Most people do not have cash reserves to replace a mortgage so they have to take a debt instrument in order to fulfill the two criteria above. 

Once your investments provide you more money than you need you then have the problem of finding something fulfilling to do 9-5 anyway. 

There are some "hardship" caveats that will give you some leeway, but if you don't fulfill the requirements you may be disqualified from future opportunities.

. – Owner Financing – Current Condition – NO REHABPurchase Price $100,000Down Payment/Escrow $1000Monthly Payment of $325 until the balance of the loan is fulfilled.

I want to fulfill myself with knowledge about planning, first deal, wholesaling,rehab,finding cash buyers, PML, where to go to meet with people in the same field,and other strategies used on this big world of RE.Thanks Much.

OTOH, If they sign a fixed term lease, the lease should spell out what, if any, action is required at the end of the term, including renewal.In either event, there is never any guarantee you WILL get notice, or that they will fulfill the entire term.