Seller attempted to get a deal around the same $765k price.

Keep good records of timeline, costs (including utilities), and copies of the rental advertising so you can prove that you were attempting to mitigate losses if it is ever questioned.If your lease contains a lease-break clause with something different than attempting to mitigate then it will usually supersede.

To put it simply, you aren't cash flow positive until your monthly rent receipts exceed monthly debt service and all of your expenses, and that can take some time to raise rents.  

I had it in writing at 60k so it was frustrating to see especially after paying my lawyer for the initial contract which was simply a waste of money if he had no intention of selling it on contract in the first place. 

In a Sub to the deed gets transferred thus giving you 100% ownership of the property but the underlying security instrument stays in the old owners name and you simply keep making payments. you now have 100% control with little to no risk since nothing is in your name (assuming you are smart enough to never own real estate in your personal name).Worst case scenario if your world ends and you can't make payments or the loan is called due and you can't pay is deed it back to the seller and move on. 

This is not you paying interest - it is simply, straight up, a fee that you are paying for the lender to give you a lower interest rate. 

I paid 440k for it and wrote off 420k year one.. and got it with 20k down.. kind of like buying an RV..  20 year loan 5% interest payments were only 3k a month.. that kind of freedom and fun you simply cant put a price on.. 

It is very helpful to know that simply connecting someone could be considered brokering, so thank you for that! 

Acquisition of properties in Los Angeles, while probably good in the long term from a capital appreciation standpoint, would make me nervous right now simply because of where we are in the RE cycle.

I'd like to here from those attempting to escape the corporate world and enjoy financial freedom.