Every dollar in rent will be used for repairs for this problem child with horrible taxes and insurance and unforeseen issues.If I can float it with my full time job for the first few to keep from becoming cash flow starved and hold it for a total of 10 years, the return by year would be about: Yr 1 $ (120.73) Yr 2 $ 6.97 Yr 3 $ 139.12 Yr 4 $ 275.96 Yr 5 $ 417.66 Yr 6 $ 564.43 Yr 7 $ 716.49 Yr 8 $ 874.07 Yr 9 $ 1,037.43 Yr 10 $ 1,206.78 After 10 years, that's an annualized return of $5,118, or 1.7%.  

Third, equitable title provides me with greater control of the transaction.Sometimes the simpler path is lined w/ potholes of unforeseen circumstances.

@Mark Caiazza, the LLC is not a requirement, but some banks can make it a requirement depending on the circumstances. 

Change of circumstances and address You must tell me promptly if you change your residential or postal address, or if you think there is any information that I should be aware of about your ability to comply with this contract.13.

PA is a different animal and there are very limited circumstances where you may avoid the PA tax.  

Also, at a certain point you can stop reading books because the knowledge you will gain after that first layer comes from real world experience and specific circumstances.  

There are no agents or brokers involved.Because of certain circumstances, we have both negotiated and agreed over the phone to the Purchase Contract being cancelled.The escrow company has been instructed by both of us to disburse part of the funds to me, and part of the funds to the buyer, via an escrow Cancellation Instructions form.What form or letter do the buyer and I need between us to formally cancel the Purchase Contract?

I've seen this topic before and it seems to be a split depending on the circumstances but all in all, I see people go directly to the listing agent. 

In those circumstances if you don't plan to reenlist a lender is going to want to see evidence of income following your service, which can sometimes be difficult to provide if you don't have a formal job offer or if you plan on becoming self-employed. 

I have sent the tenant a letter reaffirming that they are to make no self-repairs under any circumstances, but looking for some ideas for now.