The one time I left the water in my name, I ended up with a water bill over 5 grand.

With so many eager owner occupant buyers a potential investor isn't left with much. 

I attended OU in the early 90's and left after graduation for a short while but came back and have lived here since 1998. 

Only capital improvements left are about $5k or less in the kitchen before we sell, and about $8k worth of concrete work outside -- In 2-3 years after those 2 items are completed house should sell for $160s.  

I make his payments each month...I collect rent each month...i make small $200 profit on 15 yr left.

You're ideally contributing to your 401k, your IRA if you have one, and you have enough left over that to start investing in real estate.Then I'd look for something that's returning 10%+ after expenses in a B neighborhood to get your feet wet.

I'm of the believe that you take the financing that's available and fits the bill for the opportunity you have in question - whether that means accepting variable rate risk for the right deal (or for a deal that has future potential for easy refi's to more stable funding, or one that you plan to only be in for less than the fixed period) or holding until you can align a deal with the availability of fixed rate funding.

I am living the dream yet left wanting.

He's already offered to sell his entire company/portfolio and we are starting small to establish the relationship.I think if I can make it work, I'd the sell the properties later and hold the notes, or vice versa, whichever would make more sense long term.Here's the info on the notes.Note 1: Balance $17,849, Purchase Price $12,494, Asset Value, $50,568, Rate 9%, Payment $456, Payments Left 45Note 2: Balance $56,272, Purchase Price $39,390, Asset Value $60k, Rate 12%, Payment $600, Payments Left 275Note 3: Balance $46,340, Purchase Price $32,438, Asset Value $50k, Rate 12%, Payment $523, Payments Left 219Note 4: Balance $63,698, Purchase Price $44,589, Asset Value $75k, Rate 10%, Payment $613, Payments Left 239

What do you mean by "left over"?