Other - legal issues for contracts.Most of us in residential have a contract that we've gotten from a lawyer or a friend, but at the very least we can get nice pre-printed contracts from office depot.

These include management, maintenance, vacancies, taxes, insurance, advertising, utilities paid by owner, entity maintenance, evictions, legal fees, court costs, excessive damage done by the tenants, lawsuits, etc, etc, etc.

Unless you own some land that they want to rent, it's probably pretty tough for you to get a superior return when dealing with those big boys.I think if you were to "google" the words billboard and Houston you might find some pretty good background on how one of those outfits was continually hosing a landowner in Houston and the ongoing (for about 8 years) legal battle he had with them.all cash

Also, they have over charged on legal fees to do evictions, they have "forgot" to collect the additional rent when it increased, supposedly for 3-4 months, then suddenly found the additional rent they had collected when I was ready to file a complaint.

Most likely there is a legal minimum for your state and this will be the opening bid for the property.

Do we need a lawyers to look at our lease agreement, and are there other legal issues to be aware of?

An essential element of Abandoned in the legal sense is that the owner has either expressly (orally or in writing), or implicitly relinquished his rights to the property. 

First, I would subscribe to Pre-Paid Legal.

Hire a real estate attorney to check on the property to find out if there is a likelihood of re-zoning and other legal issues.

I'm talking about all the legal stuff.