Failure to memorialize the contract in writing does not remove any of your obligations to the tenant, however, absent a written agreement the "rules" of your lease will default to state law.

It's above the 1% rule which is hard to find where I'm at.

Most MLS and brokerage firms have rules requiring all licensed parties (and sometimes relationships between them) be disclosed in the listing.

It’s does fall within the 70% rule. 21 years left on the lease.

Never heard of Queensberry rules.

@Robert Sims another thought would be to put some storage units there if the demand supports.  

@Adam Hollandsworth The great thing about real estate is that there are no rules on how or when to get started, all it takes is motivation and coordination with your team (bank, realtor, etc) to close on a deal.

great advice, if you need extra support contact denise holliday and check out her website for AZ specific tenant notices and evictions - doctorevictor 

The comps and the neighborhood have to support it also but I totally could have done a typical flip and made a generous profit as any flipper would but I couldn't live with the quality that it presented itself.

It is going for 109,000 I want to try and get it for 90,000.Monthly gross rent-$1650Expenses Tax-264 a monthWater- 100 per month estimatedHeats-100 per month estimated insurance-100 per month estimatedvacancy-115.50 (7%)Capex 82.50 (5%)Repairs 148.50 (9%)Management 165 (10%) P&I 386.51Garbage 50 per month estimatedTotal 1,511.68 Monthly Cash flor 138.32COC- 6.64% Pro Forma cap rate-4.84%purchase cap rate- 7%2% rule 1.70I don't know if the seller would accept 90,000 but its a smaller place needing updating and has been on the market for about 130 days.