That is in effect what you are doing and f you do not include PM fees in your underwriting.Your maintenance/cap ex fees is likely too low by a factor of 2.You are missing the misc charges like asset protection, bookkeeping/accounting/tax man, utilities due to property issues such as by a slab leak, legal/evictions, etc.The 50% rule is aggressive at this rent point and projects $82/month of cash flow.  

If you proceed with the tenant, you need legal clarity before you submit an offer.Before you go under contract, ask a local landlord attorney:• Does this zip code require just-cause?

We've had this happen before, where a worker made an entry error, and we've immediately covered it for the owner, while we worked it out with a vendor or whomever.Doubt this is covered in your contract, but recommend pressuring them to correct their mistake with you and STOP using the vendor as an excuse.Otherwise, start looking for a new PMC FIRST, then when you find one, terminate this one.

@Michael Kopa First, read your contract for the termination requirements and fees.Follow what's required.Try to get everything you can from the current PMC BEFORE letting them know about termination:- Lease- Rent Ledger- Any application info they can legally give you- Any data about the propertyThen start termination process.Then do an intro email between the old & new PMCs, so you can monitor how the old PMC is cooperating.

And anyone that feels they've been mislead should seek legal help.

Does a quitclaim deed filed without the grantee’s consent (and with inaccurate consideration) create legal issues?

Currently on under contract on a prop in Robbins ave.  

Its only one of them who seems to be very needy and its always a constant request of these kind of things.Is it customary to have in their contract some clause so they deal with issues up to certain amount?

You also have to consider the legal side.

Contract for Deed or Land Contract are other options for creative finance.