I can see that Lizz has included a leasing fee in the property analysis docs she provided, which I assume reflects the lease only service you mention.

if you do it right you can get your money out (and maybe a little extra), get some cash flowing for additional income and do it again.

However, it seems to simply attempt to provide the revenue side of the equation. 

Best to talk the tax issue over with a CPA but the loss will be reflected in the K-1's and can offset gains in other deals, provided they both flow through to the same entity (or you personally).

I also can provide context of what characteristics each area has.

I have been attracted to this area of MI since I started exploring real estate and it seemed to provide an opportunity for us to get in the game with out of state rentals without spending a ton of coin.

@Alex Clark James Wise will be your guy for this area; looks like he already provided a guidebook for Cleveland.    

At the moment, have plenty of financial glide path, so don't need the equity of the current Investment prop, but had planned to owner finance (extra monthly income flow @7%, fluff... more income not required to eat, clothe, house. ).1) Cursory look indicates 30% max AGI can be deducted if deferred to Charity.

@Chris Seveney hits the nail on the head, you don't need concrete "legal proof" to provide to a realtor when submitting such offers.

If anyone could provide contacts in the Buffalo area that would be great!