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.

Down payment, hard money, dscr loans, helocs. 

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

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?

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.

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

Or will I go through with it and get some money and some experience which I can use later on in another deal?

Investing with none of your own money is also always an option, but understand, when you have no skin in the game, it typically means that you will be giving up more equity at the exit and/or splitting majority of the cashflow during the hold.

Money is not everyone's #1 motivator. 

private money with a credit union's commercial funding How did you add value to the deal?