If I've built a relationship with someone in this real estate arena, it's because we demonstrated to each other we are trustworthy to some degree, and in order to maintain that relationship, we put effort into maintaining that trust. 

The following clauses in the agreement seem a bit weird to me, are these normal:The Property Owner shall obtain and maintain full control of renewal of property and liability insurance coverage naming the Property Manager as co-insured, including fire and a minimum of $100,000 liability coverage; the Manager has no duty or responsibility with respect to any insurance coverage.In the event the Owner enters an agreement for sale of the property, or an agreement to list the property for sale, Owner agrees Manager may terminate this agreement immediately, without any advance notice to the Owner.This Agreement may be terminated without cause at any time by either party with a sixty (60) day written Notice of Termination.

You don’t need a lawyer to open a LLC but it’s a good way to maintain a relationship for when you need other stuff and should only cost a couple hundred bucks a year.

Stay in control and keep maintaining the positive attitude you are demonstrating you will get through this!

I have a 100% fix-n-flip loan where you would need to cover closing costs and maintain 6 months reserves (mortgage payments for 6 mos). 

Each party shall also pay 1/3 of the cost for repairing and maintaining the well. 

Maintaining a partnership LLC annually is going to cost you around $1200.

-Condition: A property that is well-maintained and in good repair is more likely to attract and retain tenants, and it will also be less expensive to maintain over time.

I recommend setting up a pool service and making the tenant pay for it to ensure it's maintained.

The property I'm referring to has been meticulously maintained, no mortgage, owner was wealthy and recently passed away in his 80's and now the kids are in charge of selling and want to maximize the sales price on the MLS so it's not a one on one negotiation.It's a 16 unit with average rents at $400/month and market rate is $800-$895.Let's assume all cash purchase so mortgage payment isn't a factor and use 50% rule for simplicity:$400×16×12 = $76,800 gross rents50% rule NOI = $38,400At $1,000,000 asking price the cap rate would be 3.8%If you can easily increase rents to market at $850/unit:$850×16×12 = $163,200 gross rents50% rule NOI = $81,600At $1,000,000 asking price the cap rate would be 8.2%If comps are selling at a 7% cap rate the sales price of this property could sell anywhere between $548,571 using actual NOI and $1,165,714 using market rate NOI.Clearly you shouldn't pay $1,165,714 based on unrealized potential, but it's also clear that the sellers would not entertain $548,571.