Considering 7 Condo unit purchase

[Mark Waldrip]

Hello BP! My name is Mark and I live in beautiful Oklahoma City (GO Thunder!). Primarily a commercial property investor, but recently got into residential properties with 2 sfh rentals.

I'm negotiating with an owner of 7 condos, part of a 30 unit complex. Each 2br/1.5 ba, 1K sqft and renting avg $700/mo with $250/mo HOA fee each (mostly Sec. 8). Cost is $30K each (no agent), but want to beg for your wisdom and experience. I toured one empty unit he's redone, and it is very nice. I'm sure the rest are not as nice, as they have long term renters in place. Sale "as is" so what information should I request prior to closing (he wants to close in 2 wks)? I'm thinking copies of leases, proof of rental payments, info on tenants, etc. Should I also have inspection done on all units? HOA owns hot water tanks, but not the HVAC. I don't think he's trying to pull anything, but this is unfamiliar territory to me. I don't want to buy a "pig in a poke" (do they only say that in OK? haha).

Thank you in advance for sharing any advice!