@Dan Heuschele I really do appreciate the detailed feedback.

Give detailers as to value, market rental rates, condo fees exc. so that we can assess the option to hold as a rental investment or not.It all really comes down to dollars and cents unless you are an appreciation speculator.Your decision to sell and purchase another fixer upper may be a easy decision if this property is a poor investment as a income property. 

(ie 50/50+ splits over certain hurdles) Thanks Mark, I would agree that these are very important details that can't be overlooked in regards to structural risk. 

@Juan Rubio ask the owner for details of the lease term.

Some details-LLC will have same members, loan will be paid off.I briefly talked with a CPA and he suggested that we sell the property to a new LLC. done.Is it going to be that simple?

One other detail I thought of.

Some owners will want to know about every maintenance item that comes up as it does, some are OK with seeing it on monthly reports, some owners, typically long-term clients, trust your judgment and may only ask for details about this or that if the item is unexpected or unusual.- Yes- Quarterly would be slow; most PMs send these each month.- How you pay PM fees and structure, you have some discretion over.

@Chris Wilburn - I just talked with your contact and the detail you mentioned are legit.  3% down, no PMI, 1-2 unit properties with a max loan of $453k. 

The reason I went into such great detail about my background and current financial status is that I believe I have lots of potential to hopefully (God willing) become very successful one day.

Strangely, maybe 50% of them call.Most escrow or title companies have a simple demand form you can request and fill out detailing the payoff.