Perfectly livable, but maybe the units were last remodeled in the 1980s. 

You should be jumping for joy that he has given you the perfect lease violation to kick his butt to the curb and find a new tenant who will pay on time - and maybe even more - and who will be fully willing/able to live to the terms of the lease.Consider this "divine intervention" - and send him a Notice To Quit for Non-Payment of Rent.  

I made sure they're in the perfect location of short drive to the hospital or university. 

But screening is not perfect and can't predict the future, so some tenants eventually turn bad and the Landlords will come back to me to ask how to deal with a problem like tenants that stop paying rent, wanting to break the lease early, etc.

So I’d think less about the number of properties and more about the cap rate and return on investment.Creative financing was perfect for me.

Perfect for your situation as well. good luck!

The buyer has delayed and delayed paying us back as the economy so dependent on oil tanked.  

If things were so perfect where they were, they should have stayed.Move down here, buy your flowered shirts, and enjoy your drinks on the beach...can't beat it.

Perfect solution, whether Buildium or some other online rent pay system, account summary is built into the platform.

I will not be a part of that as I'm perfectly fine making (at most) $5000, if I know I helped a seller and made a name for myself by passing a great profit margin onto the buyer.