Motivated Seller - Quick Sale

[Ron K.]

I stumbled upon a possible deal to buy up to 7 SFHs that are used as rentals.  They in the lower end section of the city, some are section 8.  When I say lower end it is still a relatively safe and okay area (not big city bad). While the houses have newer roofs and electrical and are structurally okay, they are in fair condition. Maintenance is patchwork. In any case here is the situation:

Another potential buyer had contacted me to conduct home inspections on all 7 properties which I did.  At the end he decided that he didn't want to deal with properties and the tenants in this type of neighborhood so he walked away.  I think he wanted to flip them.  He actual knew the sellers and I think part of it was to help them out but also make some money.

The sellers (siblings) are older (60's) and they inherited the properties.  She said she doesn't have the temperament to be a landlord and she has been stuck with tenants not paying water/ last months rent or just late rents, etc.  Probably even more issues that she didn't tell me about.  I also know that they need to have cash in 20 days or they may be facing foreclosure.  They own a number of other properties, some duplexes and a small commercial building (restaurant).  No sure what is being foreclosed on.

I have the benefit of knowing what the originally accepted offer was but I have no idea if it was a good deal.  I am working with a Realtor to help me determine value and help me through the process.    

I have never done such a deal with a quick close, with the potential of multiple properties or even in a neighborhood like this.  Of course I would have title searches conducted.  As a newby at a deal like this, I just want to make sure I cover all the bases and understand my risks in to doing such a deal.  I trust my realtor but just wanted to tap the knowledge base of BP for help.

I am typically a buy and hold investor, but flipping or reselling them could also be a option.