You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

Losing a little money or breaking even on a first investment is generally actually not a bad outcome if you can get a lot of on-the-ground learning experiences and mistakes out of the way early

Money --and the lack of communication around money-- is the largest cause of divorce.

Down payment, hard money, dscr loans, helocs. 

I would rather spend a little more money for the peace of mind.Mark

I tried to find a hard money lender hoping that I can use the hard money loan to put another offer on property and extra funds to replace septic.

Would knob and tube wiring prevent you from buying an investment property?

Professional organizations should spend their expertise, time, and money to develop legal contracts with expensive attorneys and then just hand that over to you for free?

Using your original assumptions, this deal is a money-loser!

My friend is relieved that the tenant is gone but it does not prevent them from trying to claim damage.