Seller Financed Condo Converted Apartments

[Zach Ballou]

I recently have been reaching out to motivated sellers through direct mail and several other techniques commonly used by other investors. I was contacted by someone and this is the possible deal he is offering-

There are 2 side by side 6 family properties. So 12 units all together. These units he claims have been Condo converted. He says he owns 7 of the 12 condos. He wants to offload these 7 and suggested a seller financed based deal. 

1. What are the type of questions I need to ask ?

2. What are some things I should consider or possible risk in a transaction such as this

3. How do you make any money if all the “condos” are occupied??