I could see this is as just one of many ways to pick up good deals without much effort other than your pre-existing relationship with the client.

From foundational repair getting the pre-existing addition up to par and accounted for on the tax record.

IMO, you have a pre-existing condition AND a declaration from the current owner.Existing tenants have been there some period of time already.My plan would be to test and correct if necessary ONLY on a move-out.

I purchased this property in 2015 with pre-existing tenants.

They sound like scammers, the most I would do is 2k cash for keys, but try to get rid of them for 0 Kinda my thoughts also, but they have a pre-existing relationship with the landlord.

Only a preexisting relationship is needed to qualify. 

@Adriel Cisneros If the people that you're referring to are all friends that you have preexisting, substantive relationships with, then you can invite them to invest with you in a 506(b) offering. 

I've talked with a few different colleagues of mine who already own and rent out properties here in town (contractors, builders, mortgage brokers, etc.) and it seems as though they have all given me the same answer-- buy something pre-existing.

There aren't pre-existing structural issues. 

It's also better for the "pre-existing relationship" requirement specially if you're dealing with non accredited investors.In parallel, you need to look for great deals.