It's probably in his best interest to hold as he only needs requires $250K MAX in addition to the property he is selling, and can secure a new loan on the new primary.

This is basic accounting and I believe there is even a tutorial on the help page if you haven't done it before...Things that don't fall into an expense or income category can be done at the top as a journal entry (additional owner investment, escrow rebalancing, etc)...Do this all and you get some nice reports off the reports tab (the graph icon)...I have things done at the property level but you could choose to do it down at the door level if you wanted. 

I'm relatively new at this and enjoy being an active landlord in addition to my day job.

And really doesn't provide additional value in terms of rents.

Any suggestions on documents to ask for in addition to -Violations - Environmental hazards -Zoning issues -SurveysThanks!   

Understanding one another's difficulties can lead to better solutions.Make sure that any modifications to the rent payment schedule are noted in writing, perhaps as an addition to the lease agreement.

Is the debt recourse or non-recourse?

I am debt free!

@Jalen De Leon - 1- costly tax planning or entity structuring... you might not benefit from this much yet2- Whoever you choose will request items listed on Sch E and maybe some additional things like closing statements and property tax bills.3- Simple!

We got long term fixed rate debt on all acquisitions at an average interest rate of 4% +-  and with on average 4 to 5 years left on the note.