Many will say this isn't a good enough deal.

If the net is not good enough move on unless you want to enjoy the rental yourselves from time to time..

Account ClosedI'm guessing the 5% in 6 months would make him feel good enough to look bigger for the next one.

Can I just offer to pay off of their mortgage, and if the deal is good enough, offer to pay more to help them with moving expenses and such to get them out of the house faster?

Do I need to get receipts from the contractors or will my cancelled checks be good enough for the IRS?

Analyze it and decide if it is good enough to move on if you get a lender figure in the worst case scenarios for what it will cost to get the loan and the loan interest rates then figure with the best case scenario.

@Buyan Thyagarajan I want it to be in a good enough neighborhood that I can attract decent tenants.

Just having Insurance or a LLC and or both, is NOT good enough if the goal is AP. 

A realtor could likely give you that information, but I generally feel like I have good enough into without those bits. 

I don't have anyone following me, as best as I can tell, that will be likely to not burn through the cash in a month or a year, so if I can set it up where it pays out cash dividends for long enough that they're not living on the streets, that's good enough for me.Remember the old saying: from shirt sleeves to shirt sleeves in 3 generations.