I have never woken up in the morning and thought, damn, the bank owns me (or the government for that matter...and I was in the military).

Some context: a relative bought a duplex as an investment property back in 2012, and are planning to sell it.They don't live in the U.S. and have no other income to report aside from the rental income from the duplex (as reported on their Schedule E each year).The intention/goal is to maximize cash proceeds one way or another; no 1031 exchange as they're not looking to buy anything with the proceeds post-sale.There's still an outstanding balance on the mortgage; no other debt involved otherwise.Any advice on the matter would be greatly appreciated...thanks!

Sometimes a landlord will have to pay the utilities simply because the type of tenants the property attracts are the kind that always have outstanding utility bills and simply can't get the utilities turned on in their own name.Something else I would stress....

Their income and outstanding bills are what I look at closely.

With the numbers you give, that is a 17 cap rate which is outstanding, but like Nick points out, there may be better ways to leverage your $15k. 

With that in mind, it creates a huge incentive for my Property Management company to exceed expectations and give outstanding customer service. 

I have noticed the quality of tenant is outstanding but the returns aren't as good.

I'd just like to add that some of these old homes have outstanding woodwork, stained glass, fireplace mantels, etc.

Damn, that's kind of genius.

If they can not do that, have your assistant ask them whether they would sell for the balance of outstanding mortgage.