Seven Single Family Homes Offered under a Subject To , Advice?

[Tabia Augustin]

Hello everybody! 

After analyzing many properties and building my network, I was referred by a family friend to a real estate investor who is looking to sell 7 of his properties. I am seeking advice on the deal, numbers and what I can negotiate. 

Offer :

7 Single Family Homes - all currently rented. Brings in $5,600 a month.

The properties are being sold as is.

He is seeking someone to take over his mortgage payments, which total $3,200 per month. 

As a down payment,  he is seeking $10,000 down and $5,000 at an agreed schedule over a year. He is asking that I cover closing costs.

The mortgage on all properties totals $357,000. 

I have done comps on the properties and each of the properties are worth in range of $30-$50,000. 

Five are 3/2 ($35,000 current worth)

One is a 4/2.5( $59,000)

One is a 2/1 ($27,000)

What I do know:

I will hire a real estate attorney since I would need the paperwork to be done right on this type of sitiation. I have already read most of the subject to discussions on BP. I would also have to find and hire a title company that will be willing to this. Also to get a realistic estimate on what repairs need to be done to bring up the value of these homes. It seems  that the homes are less than what he owes on the mortgage. 

What I don't know :

I want to offer a smaller down payment. Some tips on maybe offering some sort of interest or making the deal require less upfront cash. 

Since this is a subject to, will I be able to refinance this? Could I possibly find a buyer down the road and sell for a profit. I'm a little confused about that since technically it would be his mortgage. 

Any thoughts, tips and concerns appreciated.  This has the potential to be my first deal in the U.S. I do have a rental property in the Caribbean.