Keep in mind that you may run into debt to income ratio limitations.

At the settlement table, all the seller sees is cash.  

You need to factor in physical vacancies, rent lost to lease (you raise rents but can't raise on people already there), bad debt (not everyone pays), and concessions (free month on move in!)

If that's you we can provide either debt or equity to grow your business.

Even without the mortgage or even a property, the Note still legally obligates the signer (Signers) to pay the debt.

I'd much rather work the debts angle however I'll take the benefits received by possession if the numbers and risk looks right.K.

That means you are getting a loan that gets you an amount where you are getting "cash out" of the property in addition to what you have in debt. 

I  guess I treat those debts as serious or more serious than a bank loan.I feel like I am the more experienced person and I should treat them like I'd like to be treated. 

BUYER will waive the termite inspection and accept the DWELLING in “as is” condition.SELLER warrants there are no unpaid utility assessments or undisclosed debts or liens, recorded or unrecorded, secured by the DWELLING and property being purchased.SELLER shall remove all personal items, furniture, food or other items that are not part of the real estate within seven (7) days after acceptance of this offer.

If the deal was that tight to begin with then do not purchase a property.It's better to buy nothing at all than to have a property breakeven with bad debt keeping you down.You have to watch PM's because sometimes they will take a lower PM management fee but then get a referral fee each time from the contractor performing the repair that is in their network.