If we do decide to rent it, this is what the numbers would look like:- Rental income of $1,950/month plus utilities - Our monthly mortgage is $549.51 - We hold a mortgage of $161,750 at local bank- We still owe back family members $142,788 in outstanding loans to get through renovations- We have $68,368 in credit card debtWe would definitely be open to renting it, if we can pull out a lump some of money to pay back family and pay down credit cards.

That having been said...if I ever decide to quite my full-time job and live off my passive real estate income, I'll pay off all my outstanding debts first in order minimize the amount of of cash needed to live off.

As far as if you pursue the deal and the other "buyer" isn't legitimate, get a title company to run a report to find out all outstanding liens, etc. 

Discount for any outstanding liens. 

I use a website called HomeAdvisor that can give you ballpark figures down to the zipcode (labor rates can vary a lot nationwide). 

I'll definitely check out that article.About your comment on the 4-plexes, is that nation-wide? 

@Jeff Copeland  sounds like Property RADAR out our way... some day hopefully they will be nationwide ..

Managed over 300+ rentals through a nationwide VR company so I'm quite experienced in handling large accounts.

The terms look outstanding.

I would request they reach out to you over the phone to understand what can be done to resolve their outstanding complaint surrounding this matter.