what's a good way to break down the cost differences for me at home to present it to my family ?

Otherwise, I cant build a business that depend on me at all times.

As you had mentioned there is a discount the note buyers expect which the note owner doesn't want to accept at this point (hence his approaching me).At this point I am trying go figure out a win-win where he gets more than what note buyers will pay and I get a discount on my unpaid principle owed and a full reconveyance of the property. 

So to me the deal you're describing doesn't sound like it leaves much meat on the bone.  

Another agent that knew I was actively looking for a property with some meat on the bones brought it to me.

$1400 + condo fees + insurance + considering 10% for repairs (maybe more for cap expenses like a condo assessment) does not leave a ton of meat on the bone for cash flow/reserves.

When you show a class B/C, the female's eyes will say 'you had me at granite'.

At $160K purchase price not a lot of meat on the bone.

I'm searching in the sub $50,000 range so there isn't a ton of meat on the bone, but even If I can get back $300.00 in a referral fee that would pay for the plane ticket out there.

So far that's been vaguely accurate and a helpful way to think about it.What you don't want to do is take your 30-35% fixed costs, add just 10-15% for maintenance so you're at 45% expenses and run the numbers to get $50-60/door cash flow and say ah well rents are going up so that'll help my cash flow over time to get my $100/door goal or whatever and then when your expenses turn out to be 65% one year you're bringing money out of your pocket to pay for things because there's just not enough meat on the bone.