It also depends on the security agreement, if a lender stated an effective term you'd need an extension, better accomplished with a new instrument.

What would a cap rate goal accomplish? 

@Justin Howe I have heart felt pride for your accomplishment.  

For me the real question for you David is what are you trying to have real estate accomplish for you?

In the lease, I would cover maintenance accomplished by the tenant so long as the tenant has an ongoing business concern, that will cover you as to tax requirements being responsible for costs as the owner.

After that, you have 2 schools of thought: 1) the first school says that you step out of the process and wait for your check on closing day. 2) the second school of thought, followed by a Son who was raised by a Dad who didn't let you make excuses for not accomplishing something because you relied on your end buyer to do everything she was supposed to do says to be involved in every step to make sure the deal closes , you get paid and the seller gets what you promised them.

What are you looking to accomplish with your investing? 

For a couple just starting a family and living in the Los Angeles County market this was a tremendous accomplishment and now living pretty much debt free, outside of a car payment (i don't beleive in paying off cars) makes an incredible difference in our lifestyle.

It is a mindset change I am writing about that understanding other ways to accomplish monthly income goals that will give anyone more freedom to do what they want with their time.For me personally I don't think I will see anything from Social Security so when I see that taken out of my paycheck I just view it as funding my parents and grandparents SS check. 

But for me, investing is easily one of the greatest hobbies on the planet and there is definitely a sense of accomplishment you get when you go through the process.1) Finding the deal.2) Getting the offer accepted.3) Closing - signing a contract isn't the same to me as the day you leave the closing table with another home.4) Managing the rehab and seeing it through to the final "AFTER REHAB" condition.