Start with cash flow, addback capex that is required to be capitalized, subtract tax depreciation and amortization, and addback any reserve account book deductions.It is complicated for a beginner, if you have difficulties next spring it may make sense to talk to a professional. 

This looks like it is a whole lot more complicated than we thought.

Not an attorney or title agent - but I will offer my opinion here.I am in a judicial state.

Although foreign notarizations may be legally valid, it may sometimes be more complicated than trying to do it without a notary.

Every time I have tried it, I have found it to be too complicated for my needs.

I have gotten a deal tied up with no earnest money provided until after the due diligence period.This being an REO though may complicate the due diligence period length and I'm not sure if they will accept a financing contingency.

I am in a Judicial Foreclosure state.

You can look at websites of transactional lenders, including mine.It isn't complicated stuff.

I would do as Tom suggested and say after 30 days you would like to stop being responsible for managing the properties and you can help him find/interview property managers, if he would like.The second part is more complicated.2A.

I was told by another investor that this complicates the situation and becomes owner finacing which makes it more difficult for the leasee to obtain a mortgage on the property.