Does this mean that you received all the payments that amounted to the arrears plus the ongoing P&I payments?

@Alan Chambers If you form an LLC or other business entity, have a way for either of you to get out of the business should an issue come up (i.e. buying shares out, paying specific amount, etc.).

Will it effect the amount of potential offers I would get?

Keep in mind we do not have known cost amounts for these repair items, and can just make estimates, and hope no other costly issues are uncovered after attacking some of the repairs.My question is, with our next interaction with the selling agent, should we:A) Ask for the major repairs be metB) Ask for a decrease in agreed upon price (without great idea of what the repairs will cost)C) A combination of both; settle with some repairs met, and a decrease in priceOur entire list is below: (keep in mind that I am not sure if all of these things need direct attention to get the unit rent-able, or if some items can be overlooked for now and deal with later as they become more of a problem)Repair List:Items that need attention before renting unit:Big Ticket Items:Install furnaceInstall all new appliancesInstall water heaterExterior electric power supply is damaged, needs repairInstall guttersNo termite treatmentNo gas meter, install newAttic decking has moisture damage, needs repairSmaller Repair Items:Install electric panel faceplate and secure exposed wiresTwo prong outlets (could not test), swap out, install GFCI where neededTrim tree limbs in contact with power linesMissing light cover under front entranceRepair kitchen windowsRepair kitchen sink leakRepair utility room leakInsulate atticSeal gaps in living room doorLoose bathroom faucetAdjust shower water pressurePatchwork performed in multiple rooms, walls are plaster on wood lathe- which I have been told can have asbestos issues once opened upDeferred Cost Items:Large tree removalTorn and missing roof shinglesSeal plumbing boots on roofRaised soffit under car portSecure electrical lines in attic, they run over attic stringers, not through them (necessary?)

If this house sold for $530k or below I would net the same amount as selling as a 2/1 with a light fix up. 

The Chatham House rents for a hefty amount because it’s on the water, has 8 bedrooms and is great for family reunions.  

This property is located in Charlotte, NC not far from the city's center.Is there somewhere I can contact to assist with mortgage payoff since its such a small amount?

Multi family can be intimidating but as you grow your business it typically makes more sense as it is easier to finance, and manage than the same amount of units than SFH's. 

I didn't end up doing the deal because the amount it too high so I can't comment on other areas.

You may later also transfer retirement funds that you may have transferred to the new employer plan if that new 401k plan allows for outgoing transfers of amounts rolled into the plan.