If you want to keep the home, you need to either work out an arrangement with the mortgagor or refinance the loan.

Then eventually focus in on one and see if we can work out an investor rate.  

Need home owner insurance recommendations my usual agent not going to work out on this one.Thanks

I haven't focused much on investment property in the past, and I am seeking opportunity to drastically change paths into this arena now.With that said, I was negotiating a deal with a seller recently, and then halfway through the negotiations he said a hard money deal wouldn't work out.

The numbers work out to a nearly 12% cap rate.

Personally, I would keep anyone on month to month leases so it's easier to end things if they don't work out.

If it doesnt work out ill rent the units. 

I tried to cash out refi this year but the appraisal didn't work out. 

If it's a dump, but it's a dump they like, there's probably no harm in it and may even work out for you.

You need to work out the operating expenses (OPEX) per unit in your market.