Your expenses could be more or less depending on the condition and age of the property, and since this owner doesn't seem to have it together, I'd err on the side of caution and expect the worst. 

We are about 75% done with rehab and have temporarily run out of funding due to life changes.

This property is in fantastic condition - move in ready!

I created the lease and I did not add any conditions for me to break the lease at any time. 

  - You'll also want to get a copy of any pre-move in checklist (and photos if there are any) showing what the condition of the property was when the tenants initially moved in. 

Hes willing to sell for extremely cheap and just wants the thing out of this life.

The problem I may have is the condition of the property. 

Buy at a great price + location + good numbersRentals don't have to be rocket science.Figure rental rate based on like kind rented properties near by.Subtract: taxes, insurance, repair % (7.5%, but varies based on prop condition), vacancy (2 months), capex (5%, but varies based on prop condition/age), pm if using (8-10%).

Is he retiring to the good life on a beach?

We usually act as out own GC so I figured we'd have to do it on this job, too, but life would be so much easier if I could have someone handle it for $150/ sq ft.