Quote from @Nicholas L.: @Srikanth Kumarjust curious how you plan to manage a BRRRR from out of state. 

I want to keep away from any short cuts , I am not looking to take large cuts from sellers (I’m a true agent at heart and looking to serve my clients) .

This is the form any lender should use to calculate you income (ignore the branding, it is the same for every lender):   https://www.biggerpockets.com/forums/49/topics/1224525-fha-l...You will see what you can add back from your 1120 based on the % of your ownership. 

As far as benefit to the seller goes, @Matthew Paul I think you are probably right on the money and regardless of whether they would have preferred to stay in this house rather than move, it is likely providing them some excellent cash flow; and I'd be hard-pressed to come up with a deal that serves both parties better than the current situation. 

Tenant stopped paying rent before 2 months of the lease expiring, property manager filed for eviction process but tenant vacated the property before sheriff served the notice.

This will serve as proof of notice sent.I encourage you to do this today. 

Quote from @Nicholas L.: @Sathya Priya Sampathkumarhello. a few thoughts.1.

Will it serve you for the next say 5 years.  

Quote from @Zach Howard: Quote from @Nicholas L.: @Zach Howardlots here but i'll tackle just a couple things quickly...

Quote from @Nicholas L.: @Matt Wanyes but... is that actually your biggest concern?