Fix the holes in the front concrete steps. 

A friend of mine who is quite a few years my senior and in his 60's signed up a year or so ago and loves it for managing his rentals.I am not a paid representative of the company - simply like the product that much. 

How much could he want for the hell hole anyway lol.

At some point will you sell a few to make a lump sum to payoff some of the debt or will you hold and simply let tenants pay it all off over 20 or 30 years?

Finance is not real estate, it's simply the collateral to a mortgage, it is highly regulated and violations can be felony charges with stiff penalties, big bang screw ups can get you 10 years and/or $100,000 fines plus  the loss of a note and costs.

Simply to separate myself from the property...not for any release of liability...

If your process is to go in the order received and selecting the first acceptable candidate, then you can simply return the application fee and state that the property has been rented.  

However, the fact I'm not dependent on the income from REI at this point means I can establish higher thresholds for required returns than someone who may simply have to have income of some kind being generated.  

My discussions with lawyers have revealed that most LLCs by small landlords are extremely easy to pierce because the investors often put some personal expenses through the LLC by mistake or simply do not keep adequate records.    

Here are some of the key stats:Purchase Price: $2.8MUnits: 100Unit Mix:50 3bed/2bath's @ $580/month50 2bed/2's @ $425/monthFinancing Approach:80% Bank20% 10% down payment10% seller financing @5% with a 5 year balloonConservative Annual Financials Financials:-15% vacancy-Rent potential: $618,000-Property Taxes: $30,000-Insurance: $21,000-Maintenance / Repairs: $60,000-Water / Utilities: $68,000-Advertising: $4,500-Property Management: $52,530 (management fee and employee salaries)-Garbage and Recycling: $15,000-Landscaping / Pest Control: $18,000-Security: $5,000In summary:-$525,300 gross income-$273,030 total expenses-$177,396 (5%) annual mortgageoFirst 5 years: Seller financing repayment on 10% of purchase price @ 5% interest rateOpportunities:-Sub metered, but water is covered by current owner (~$55k)-Increase rent on 2/2's to $485We would love to hear your thoughts on the good, the bad, and the things we haven't considered or simply answer any questions that you have.