Title company probably called and got the current water balance but the bill had not been generated as of closing.I agree you should review the numbers to confirm but I don't see what the problem is.

So even if it resets the maximum amount (which it might not go to the max) then over the course of the first 10 years you will have paid the same amount of money roughly than if you had the initially just gotten a 30 year that was 1% higher.

At closing they get their initial investment back from the closing attorney, and about 15 days later, after all of the final bills have come in, utility deposits back, etc., then the profit split is paid out.Usually they are feeling the process out during the first one they invest on. 

They would also get a large initial down payment.  

I'll spare you the details, but the houses generate enough rent in the first 12 months or less to cover the purchase price. 

So now you're advertising the Open House (even though it's not your listing) and you get to include your seller's guide as a Lead Generation Magnet.Try it!

They have a maintenance guy that handles anything so our contact with the landlord is very limited.I would love to this property as my first investment property, however, I'm having trouble thinking about how I to be going about this.My initial thoughts are to just put out a feeler saying how much my wife and I love this area and that we eventually would like to hopefully buy some day and just politely ask that if they were ever thinking of it, to please keep us in mind.I'm having trouble figuring out how to communicate this message.

Initially, we will be covering just the DFW metroplex with efforts to expand quickly to the other top investor markets in the country. 

Am i looking at a potential BRRR property (my initial thought), a flip, possible wholesale opportunity, or should i run away really fast from this one? 

However, waiting that long to initiate eviction is part of being incompetent.