I’ll give you some quick numbers.There is $385k left on the loan I am assuming from the seller at 4.25% for the next 2.5 years. 7 units currently are rented out paying $725 a month and I have documentation of this.

To address this, request documentation, update the lease, address rent payment, consult an attorney, and maintain a positive tenant relationship by communicating clearly.

Increase Your Cost Basis: Document and include the costs of significant improvements made to the property in your cost basis.

I currently only have 1 duplex, however I want to set this up right so it will work for any size portfolio.Currently I haveHome folder>multi family/single family/legal documentsInside the multi family I have Name of property-> general property maintenance/first floor/second floor Inside of first floor (the one currently rented)I have, pictures (before and will have after) / lease documents / a spreadsheet with each month, what day rent was paid, if it was late, if late was fee paid?

You would have ongoing filing requirements with the State and would need to keep business records and documentation.

A neighbor finds out he is living there with a simple online search and burns your house down3 A neighbor tells the local news channel and they show your house on the nightly news 4 A neighbor find out you are the owner with a simple online search and they begin harassing you and your family where you live. 

I recommend you do a google search for "real estate seller financing" and educate yourself through some blogs, then have a conversation to see if the two of you can agree on terms that work for everyone.Be sure to use an attorney to draft the documents, not the same one the seller uses.

I've considered a short sale, but am under contract, I think, with a buyer already due to the commitment to sell document I signed...

A good vendor will often provide insights and a documented professional opinion, which can serve as third-party confirmation.

I like Waco, but I don't see a lot of economic news published about Waco.Any big announcements of companies building or buying there?