If the buyer performs, seller cannot easily back out of the contract and in fact a judge can force you to sell something even if you change your mind.

Unfortunately when you are dealing with rentals one can easily become jaded with human nature.Gail

LLC's as someone above mentioned are easily broken as most people do not do the appropriate meetings, record keeping etc.There are also tax consequences. 1031 exchanges are much more difficult from an LLC.

That is to say, all is well if you bought wisely, below market value, giving you instant equity, and/or the net cash flow easily exceeds the outgoing expenses.

Worst case is you have until May 5th and if you have a contract with a closing date you should be able to easily to it done by then 

Any less than that and you could easily run afoul of Fair Housing laws. 

Often this stuff can be easily eradicated with a combination of bleach and water or (better yet) hydrogen peroxide mixed with some water.And, as Adrienne has mentioned, the stuff in the kitchen can be caused by cooking methods of tenants. 

If you are comfortable with leverage, cash-on-cash returns easily start at 20% and go up from there.Appreciation will be little to none, or basically keep up with inflation.

I'm told 2 of the 3 units already have screened and approved tenants available, so we're close.I had an independent inspection, and Elite agreed to all of the proposed repairs - most were pretty minor and easily accomplished. 

You can easily run afoul of ERISA laws and risk being fined or worse.