This remains a controversial topic, but in this ever changing and litigious landscape, best to cover all your bases as well as you can.  

The house is in unincorporated Decatur, Ga, a relatively popular intown area of Atlanta and probably won't be too hard to get new tenants (but what a pain)I've  come up with these terms -- please give feedback --I'll release them from the contract if we all agree in writing that:1) they understand that they're breaking a  binding contract and legally they are responsible for the remaining 7 months of rent, HOWEVER2) they are responsible for paying the rent in September, since they're not giving 60 days notice, BUT if a new tenant lease begins before October 1, I'll refund what they paid for September prorated for the days covered by a new lease.3) I get to show the house to prospectives before September 1,4) any costs incurred in getting the house ready for the next tenants will come out of the security deposit.Does this sound reasonable? 

So the question remains, where do I go from here.

Then whatever remains, figure if you can live off that by month and by year....including things like food, utilities, car, clothes, insurance (medical and property)...etc.Note: maintenance - So you cancel the PM and save the 10%, but you still need to stuff like cut grass, shrubs, paint, fixtures.Note: Capital - don't forget to budget for that

In this case It seems like I am buying the note, not the property, so I feel like my offer should be based on buying the remaining 4 years of the note.

If you travel for eleven but stop with only one day remaining, how can you admire the moon over the capital?"

The remaining portion of the property or 75% had been depreciated for the past 16 years.

The remaining 15 to 20% will be the hardest. 

Example , if a house worth say $200k and seller has mortgage balance remaining for $50k . is it illegal to sell that property with seller financing ?

Im just trying to finance this and know that with my taxable income its an issue, but looking at my assets the total properties are almost $2.5M and my debts are $429,000 on 2 mortgages + $70,000 or so remaining on my car.