You likely want to consult the services of a competent attorney or CPA to assist. 

Repairs.

$50k purchase price, $7-10k in repairs.

Also would love to connect about your PM services.

Before getting under contract and offering the asking price, the seller and her agent were telling me that certain repairs were about to be performed, repair of decks and replacement of back side of the roof.

I believe Well and Good would service Mesa.

Things were going bad from day one however we wouldn't be aware of it until late 2017.It started when 1 of our properties got burned and when started an insurance claim learned that the policy the management company has purchased for us wasn't covering the cost of property purchase and their savings of $20/month cost us loss of thousands of dollars.That was the start of our awakening and we started checking all that was taking place and we have questioned all the different bills and reports that were provided to us, during that we learned that 2nd of our properties was abounded by the tenant and the months late rent payment wasn't questioned by the management company, not only that but thieves had broken in to steal all appliances and vanities, created damage and leave the property completey vandalized, a squatter had taken over the property and we had to go thru eviction process.Needless to say we have dropped Mousa and his so called management team (Omar and Wanda) and hired another company to take over and conduct a full due diligence on our properties which helped us to find out that on a 3rd property the management company had failed to fill out correct paper work and the tenant was not paying her utility bills for months and that mistake of paper work forced us to settle thousand of dollars past due bills with the city, that's on top of the fact the tenant was way past due on her rent, this property was so badly maintained despite the fact we have paid thousands of dollars to Mousa and his team for various repairs they have reported and invoiced for.As you can imagine the poor management of this company had caused us nothing but losses that are at this point estimated in tens of thousands of dollars.It is clearly our responsibility of not checking this company in details before engaging in business with them, however it is this company lack of responsibility and management that caused our losses.Be aware and check them thoroughly before engaging

Make sure you use net cash flow, so you are accounting for maintenance, repairs, cap ex, vacancy, and property management; based on the numbers you provided your net cash flow is probably less than $1k per year. 

At least the cracked tiles were easy to remove; the subfloor and floor were repaired and recovered with LVP. 

You are NOT exempt from servicer/trustee/lender calling the loan.