Need advice on mulitple rent house portfolio purchase.

[Jason Andrews]

I need some advice on a muliple rent house portfolio purchase. These houses are located in low income areas. The are older 2/1 and 3/1 units. Most of them will probably need renovations in the future. Four units are rented with long time renters. One is vacant and seriously need of renovation. Based on his complaints all the time about his rentals I am assuming all them will need some renovations in the future. I will be looking at them next week possibly to get further information on them. Average rents are $620. The market in our area is strong on rental properties. Housing prices are high do to the oil field in our South Texas area. Even though oil field is slow demand for family rentals is strong. Asking price for portfolio is $250,000. The seller is motivated due to needing cash to build a new commercial building for his new business. 

This seems to be a good price in our area ($50,000/unit) but how do I really get a good estimate on property value as a whole in making a good decision on this deal? 

My son is an attorney and is going to be my partner in the deal and will be able to do all the paperwork. How do I figure my son's value in making the deal as he will be doing all the legal work? 

Also, my son has a good friend that will possibly do our financing of the deal. What kind of terms on a loan should I expect or should I present to him on doing a multi unit purchase? Finance each rental or all as a whole?  I want to be able at sometime if needed to refinance each or all rentals and pull equity for further investment and renovations. 

As of now I am trying to get all the financials from the proposed purchase so I don't have any definate numbers on all operating expenses and etc.. I am just trying get inputs from you guys on how to do a multi unit deal.

I have been studying everything on Bigger Pockets for the last few years and its time to make my first deal. I am still a newbie but its time to jump in if the deal is right. To many deals have past me by in the past because I didnt think I was ready. I am ready now!!