Give detailers as to value, market rental rates, condo fees exc. so that we can assess the option to hold as a rental investment or not.It all really comes down to dollars and cents unless you are an appreciation speculator.Your decision to sell and purchase another fixer upper may be a easy decision if this property is a poor investment as a income property. 

(ie 50/50+ splits over certain hurdles) Thanks Mark, I would agree that these are very important details that can't be overlooked in regards to structural risk. 

@Juan Rubio ask the owner for details of the lease term.

Some details-LLC will have same members, loan will be paid off.I briefly talked with a CPA and he suggested that we sell the property to a new LLC. done.Is it going to be that simple?

One other detail I thought of.

I have a real estate agent and discussing the possibility of agent doing and sending a video of property and property manager also review property as appropriate for rental.

I have read a book or two on Property Management and watched some YouTube Videos.

@Chris Wilburn - I just talked with your contact and the detail you mentioned are legit.  3% down, no PMI, 1-2 unit properties with a max loan of $453k. 

The reason I went into such great detail about my background and current financial status is that I believe I have lots of potential to hopefully (God willing) become very successful one day.

Strangely, maybe 50% of them call.Most escrow or title companies have a simple demand form you can request and fill out detailing the payoff.