That's about a 7% cap on a $250k property.. not bad! 

I think @Jason Lee hit the nail on the head with his response!

At this point I’m feeling a little over whelmed like the dog who spend his days chasing cars and one day he actually catches one and don’t know what to do with it 😊 I’m totally up for the challenge and plan on nailing this deal but I need some advice.Thanks in advance for all your help and feedback!

-Contact HUD (BP is preventing me from listing their phone number)-Take the landlord to small claim's court-Contact the local media and tell them about the situationYou can even find a lawyer who might take the case pro-bono just to nail the landlord to the wall. 

Currently fully leased, including six medical office tenants, one long-time successful nail salon and a long-time successful women's retail shop.

Keyonte nailed it.

There are ways you are required to make known you are an agent in the purchase offer and things of that nature, but you shouldn't run into any cap on how much you can own from the agency side. 

Third progress payment of $10,100 will be collected after drywall nailing is inspected and approved by the City of Los Angeles Inspector.  5.

You have the asset protection angle nailed, recognizing you need an LLC for your rental. 

@Abel Curiel hit the nail on the head.