It is not a fixed lease in that he pays whether it is rented or not, but that he takes 10% of the rent and future increases (n lease up fees). 

Basically if 75% of the rent can cover PITI it shouldn't increase your debt to income ratio. 

They only need to close within a time frame that includes the first one to sell (in other words they all sell within 180 days of the sale of the first property) as long as you can locate the right replacement and get the right terms.Another very attractive option would be to scale down a little and maybe look for a replacement property that you could get for $600K - like a 2.4 - $3 mil property that needs $400K of work to get it to high functioning. 

Some of those include tax write-offs and increased return on your investment.

@Ashish AcharyaYes we will contact an attorney, I have some rentals now and am looking to increase my portfolio.

Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.amortization scheduleA table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan.

We figure we'll at least get close and we added a clause in the lease stating rent increases will happen annually with increased utility bills.

That's going to happen and in most instances it cant be stopped. but there are well known PM on BP that increase these prices more or inflate others.

Space is attractive, with a large atrium in center that provides an open, light-filled, airy feeling. 

So, you don't have to build the Taj Mahal to attract tenants.