Also, like someone else mentioned - know your market and tenant base.

And when these markets go into recession, it depends upon their job base.

Two things I would say that are now a must for me if I were to go back on the market is the software would have to be web-based and it must have the ability to integrate with other software.

Based on my poor customer experience I’m not confident you will get any money back after the 5 day cancellation period.

Once we sale, based on other comp in the area, our net profit will be around 30K. 

You set your screening standards based on the class of your property.Unless you specifically want welfare tenants in which case you adjust the screening. 

Talk is talk, but valuations are based on closed sales not talk.

I believe their real estate holdings was based on economic value.

And it is only 1500 sqft for both units, so rent will be limited based on the small size and you still have to maintain kitchens and bathrooms for two units, which means high maintenance cost to rent ratio. 

You owe him nothing, he isn't your friend, and he seems to dislike you based on your personal choices so I certainly wouldn't spend a single second worrying about his feelings.