Using credit cards *can* work and experienced investors do it in a pinch but they have the experience to know the risks and minimize them.

Doing your own PM work s overrated and buying yourself a job unless in an area where tenant demand and quality is so strong it requires minimal effort to manage the asset.That is usually the rarity and not the norm.If you were just holding this property for equity build up and tax write off and were to stay with your profession until retirement then this property might work if in a great area.

You probably don't want to use a 3/8 bit where a 3/16 is called for since that hole would be way oversized.The fact that these simple answers had to be supplied to you indicates that maybe you should get some help there ...

Writing a good demand letter that will motivate a current or past tenant to pay up is an art.Collection agencies can help in some cases, but I've learned if the judgement is not in the thousands they won't put many resources into it and the chances of their collecting from someone who doesn't care about their credit is minimal.

Don't use the $300K or the $150K as any indicator of anything.

Maybe you can negotiate parts of that wording to minimize what you are giving up.If you are on a closing for a time sensitive issue you might just let this go in favor of your other benefits.No legal advice.

My perspective on leverage, since I am in the business of leverage (broker/mortgage originator) is if I can reasonably control the down side and maximize the upside with the terms/rate/cost at which I am borrowing at, such as using a fixed 30 year, limited or no prepays, lower margins, non recourse, caps on adjustment periods, risk/equity share, etc I am okay with leveraging near maximum.For me it comes down to terms and cash flow as long as the risks can be minimized and the cash flow profit spread is high enough and stable enough even with stress tests (market drops rents go down XX%, business income goes down XX% or my personal income goes down XX% can I still debt service?)

Sort of like the old joke about how to eat an elephant: one bite at a time.Your title indicates you are a rehabber.

Is there a way that I am able to get out of this contract with minimal cost if the 30 days to fulfill the contract passes (i.e. the contract expires on time), or am I still required to buy the property?

As you indicated, the power lines are a negative on yours.