You inherit the lease and responsibility unless the contract states otherwise.

thank you all for your responses.

There are so many variables and crafting responses to them all takes time and experience.Best of luck in whatever you decide.

I appreciate your responses

Overestimated my ability, underestimated the cost, delegated too much responsibility, didn't know squat and paid for it.With all the things that can and will go wrong, you're definitely never too experienced to not screw it up once in a while. 

Hi @Filipe Pereira, thank you for your response.

I also highly recommend Andrew's response of Owner financing.

Jason Vo, thank you for your response.

I have asked those questions about the references and have yet to hear a response back...We aren't exactly comfortable doing deals in the midwest sight unseen and have a property management in place that we aren't familiar with. 

Thanks for the response as well Paul, my concerns are not necessarily around depreciation (I’m pretty sure that buildings are depreciated over 27.5 years opposed to 20 years) or other deductions that are typical to long term rentals but rather tax guidance that dictates what is a schedule E rental portfolio vs. a schedule C business similar to hotels.