Advice on a Strategy to Acquiring this 12 unit apartment for Buy and Hold (Make a deal and Renovate)

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Hi Guys,

So I have come across a 12 unit apartment complex (6 separate buildings, 2 apts each (2 bedrooms) that Im thinking about buying and holding. They are off the market. and seem to need quite a bit of renovations to bring up to a value where Id be able to rent out for a nice cash flow, and attract ideal tenants. Its owned by 3 individuals who inherited and they've lost anywhere from 15 to 20 separate units to the state so im guessing their motivated. Tried to sell for $350,000 about 5 years ago, but nothing went through. Properties aren't on the market and after driving through, I noticed that the tenants dont seem to be ideal. My source who is friends with the owners brother says that several of them haven't paid rent in months.

The neighborhood isn't bad, just seems as though it has landlords who dont value the quality of their property, never did improvements or kept it up, so it can be potentially a good building

After doing some due diligence, It doesn't even have a building value under the property appraisal site.

Im surely going to have to get a lawyer involved to make sure everything checks out and of course the title company to see about any liens.

Im wondering how would you guys go about acquiring this property. I know you don't really recommend taking on a project that needs work but I can just tell it culd be a great investment. It really has potential. With a good rehabbing, and vision, im sure each unit could rent for about $550-$700 a month. I have about $10,000- 15,000 cash to put toward this and pretty good credit.. My dad is also willing to take this venture up. They are asking $100,000 but after checking this place out, they should be giving me $5,000 to take it off them lol. Being that they seem to be motivated to sale, how should I approach this. Renovations should cost somewhere from $20,000- 40,000.

1- How would you go about negotiating this deal? What options do I have to get the best deal possible

2- What is the deal you would make?

2- Strategy to use to buy the property to pay it off, using cash and credit, or bother, as soon as possible and generate a positive cash flow?

B) Is there any way to use as minimum cash possible

Long question but I would appreciate you guys feedback.