Eliminate your current rent or mortgage.Also, I wouldn't rent to a friend.

Eliminate that risk so you can sleep at night.

This eliminates back and forth and gamesmanship. 

It also eliminated “the cap on the amount of the fixed charge that the PUC may authorize.

@Doreen Morawski, I'm not sure a fence completely eliminates your liability.

@Jerryll Noorden makes a great point is the company is humming along you should most definitely sign the contract if all doubt is eliminated! 

I told him I'd gamble that there's no one who even knows that restriction exists to enforce even if an heir lived in the area...the way to legally eliminate them is either get the beneficiary to record a new document (possibly a QC deed) to eliminate their restrictions, or pursue a Quiet Title if you think the person is no longer around or their heirs are not identifiable. 

If you were running much lower expenses, say 40%, and eliminate the monthly reserves, the deal looks amazing.Income = $35,760 ($745/month x 4 x 12 months)Minus 15% for vacancy, loss to lease, etcEffective Gross Income = $30,396Expenses = $12,158 (40% of EGI)Net Operating Income (NOI) = $18,238Minus $100/unit/month in reserves = $0 Cash flow before debt service = $18,238_______________________________________________Purchase Price: $129,000Down: $25,980 (20%)Loan = $103,200 Annual loan payment (assumes 30 yr amortization, 4.25% interest rate) = $6,071 _________________________________________________Cash flow before debt service = $18,238Minus Annual loan payment = $6,071Annual cash flow = $12,167$12,167 / $25,980 = 47% cash on cash return

The state will give you a low cost loan for the development and then there is a loan forgiveness program that pretty much eliminates the loan.  

That has eliminated both problems of overflowing dumpster and bulk trash accumulating.