Thank you I appreciate your response.

Thank you for the response. 

You have the option of entering into a lease purchase with your friend that makes you the tenant/buyer and her the landlord/seller or making a purchase of the home subject to the existing mortgage.A lease purchase gives you the rights and responsibilities of the owner without title.

However, most rental property that gets reported and rolled up into ones individual taxes is accounted for on a cash basis.  

@James Selbe and @Ron Tamber thank you for your responses.  

So say you are calling a list of leads you have received (I'm going to begin calling next week so I'm open to any advice); but say I called down a list....As I go, depending on responses I receive, what do I do with the leafs?

From Bigger Pockets I am looking for more invaluable experience and connections to like minded individuals in the area. 

Hopefully you can be a bit more specific in your response ,so I can be able to ascertain if it's within my scope and fits my criteria.Regards,

And now, you're left responsible to finish the job?

Thanks all for the responses.