I do think you need to restructure to ensure your bills are being covered - because if this property is causing stress and no active benefit than taking the cash and running is the right answer.

I'll have my wife "write" the letter as I think that will be better received, and specify that we're looking to move closer to a certain location, the school district, etc, as well as that we'd pay fair market value and can take on repairs, etc.Opinions? 

@Jon Underwood Fair point, I just saw this as a cautious way to test the waters.  

I'm prepared to move fairly quickly on a good deal.- Doug

Hi i'm currently a student at University, i'm fairly new and i was hoping someone could point me in the right direction. 

You are fair, but won't be making special arrangements.

I do think a tactic would be to negotiate as fast as you can to raise the rent a fairly good amount on the late payer and let the tenant negotiate you down a bit, so then they think they are a good negotiator (because you are abviously tough). 

So, if you are paying for a fair price for units in less than top condition and the rents make sense for the price (generate good positive cashflow), then you really don't have to worry about tenant turnover.

In my case, it is still fairly expensive (gonna be about 2k a unit once all said and done) BUT will save me 500-600 bucks a month, and will add 80-90k in value that I will capture when I refi.

@Matt Hendrickson I am fairly conservative financially and the numbers you have provided look reasonable, so I would go after the next property.