What do I offer knowing the balanced owed and what the circumstance is.

Three basic fees, which I won't share here (legal/professional reasons) but which are same or better than shown:Leasing fee negotiable/size of portfolioMonthly management fee/negotiableRenewal fee/negotiableEviction, inspections, move out/turnover management all included except for costs (filing fees, contractors, etc) and lastly, a small percent markup on repair services for the administrative load.Oh, and sorry, we're aggressive about collection so we keep late fees.

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@Dalwin Garcia Rent control in Passaic applies to much any investment property except: single family home, single condo/coops, owner-occupied 2-family and new construction.

., it sounds like a decent deal to me except for the $0 cash flow for the first five years.  

As you learn more, you can start to narrow down what interests you most and also which area will best suit your circumstances (relative available time, money and resources).  

However, every investors circumstances are different.Let me know if I can be of any further assistance.Ed

There is no by-right exception to this, but if all your neighbors have smaller rear yards, you can appeal for a variance and it usually goes through (but I'm not a zoning lawyer so don't take my word for it). 

., I have very limited experience on this particular subject, but secured liens are NOT subject to discharge in a bankruptcy except in very limited cram down situations. 

My first reaction would be not to sign one under any circumstance but I guess I would consider it if I knew I would get some value out of it.