If that is correct, the next question: how do we figure when that arrear/fee balance will be paid off. 

Also, since my cash on cash return is not stellar, should I just pick my percentage of return and just work backwards to figure out my max offer?

You must figure this out for yourself.

What’s a fair ballpark figure for a real estate attorney to charge for supervising my process of finding a tenant; over looking the section 8 contract and my own lease contract/documentations with the tenant; I’ll be using the online tools for application, credit report / background check and customized lease contract.

I figure that since the Chinese are getting rich off of us, we can at least get rich off of them in return.

So figure another $2K for advertising, hassle, painting and "other".Since I'd be re-selling it on my typical deal, I figure I can get $100K-$110 for it.

I am wondering if you have figured it all out and have gone through the process of brokering a note yet.If not and you would like some guidance, I will gladly assist you in any way I can.The process is quite simple if all your doing is brokering.

But using the 5k figure, deduct that and it takes the profit to 42k.Then DEDUCT the rent credits you credited each month (if you are very generous to get a quick buyer and went with say 50% rent credit) So say you negotiated rent of 1200/mo, 600/mo would be rent credits. 24 mos of that = 14k roughly.

Did you catch him in the act, or simply figure it out later?

THANK YOU very much for your responses, and particular thanks for generously outlining those figures Mr Wheatie.