He and the seller have agreed on $118K.

@Lourdes Caballero  I agree with you wholeheartedly that negativity does no one any good. 

I agree with what others above said, that having a reliable, honest and knowledgeable team is the most important thing...more so than perhaps the location. 

I agree w/the previous posts. 

Also like Oklahoma, Indiana, and Texas.I agree on SC which is why I am selling everything at the moment. 

I agree, start local and see if you can find anything that cash flows in your area—it's always easier to manage something close by when you're just starting out.

Signing the lease demonstrates they agree to the terms and then you can hold them accountable.If you don't do this, then the person named on the lease and paying the rent could disappear and you would have no legal authority to charge the remaining three for unpaid rent.

I agree with the others when they say to hire a PM; a property manager will have access to better screening and fraud detection - and hopefully can add some protections in the legal arena too.

In your contract with your agent, you can say that you are not willing to pay above the offered commission or agree to a minimum and have your agent let you know if a home is not meeting that minimum.

Agree with much of the above.