I'm basically trying to make sense of the big picture. 

They know the basics, but not enough to help you really know the local ins/outs. 

So I was able to get someone to meet the tenant at the property for the keys and to basically do a quick walk through to makes sure there was nothing major going on or left behind.In my state, TN, apparently, if the tenant is present for the final walk through then the landlord has to give the tenant right there on the spot a list of damages that would count against their deposit. 

In general, the concept is pretty widely known.

Basically, if you were us, what might your approach be to breaking into real estate?

Thanks James, that is basically what i have been thinking

Since this is my first multi-family property, I really don't know what questions I should be asking or what information to look for aside from the basics (construction issues, vacancy, etc). 

Basically have your cake and eat it too!

If I were you I would hold on to the condo until you can sell it for more and meet your goal of paying off your primary.It sounds like you aren’t in desperate need of the $ now and are basically breaking even - those margins should keep getting better each year as you raise rent and let tenants continue to pay off the loan for you.

Basically, we just want to ensure that we have something in writing from the tenant that says they plan to move out and are accepting 1 months rent as compensation for any inconvenience.I can pull something together, but thought I'd ask!