1) Like he said, learn how to add the costs.. all the costs.So you really need to figure out ALL your costs.lawn care, utilities, taxes, maintenance, closing, selling costs, Lawyer fees ... everything!

Find a Canadian lawyer or US attorney who can set up a LLC or Corporation for you based on your personal/business plan and goals (the state in which you form your business actually makes a difference - your US accountant will tell you why).

That's the way I did it. 1 year leases with CPA's, lawyers, insurance folks, stock brokers, realtors and the like.

At this point I would engage a lawyer.  

Always make sure your contracts are assignable for tax purposes (we use a form paragraph added to the contract, consult a lawyer for appropriate language), build in a study period and have contingencies laid out for release of documents and financial records of the property. 

The funny thing is the tenant is a lawyer. 

Real estate lawyers as well, but I won't cast a long shadow on an entire segment of the industry.

But I would definitely read up on Newark law, if we're still speaking about Newark, and speak to a lawyer.

I saw one lawyer advertise reigstered agent services for $95 per year.

You can just write a letter that says pursuant to section ___ of the contract of sale, I hereby terminate.... it doesn't have to be formal, just make sure that if there are notice requirements (like fedex or certified or a copy to a lawyer) that you follow those.