They may have an obligation to secure the property pending probate, and maybe that's where that comes from, but if that's not the case it sounds like it was landlord self-help because rent was not paid and any lawyer's letter should be able to resolve that pretty quickly. 

The seller should have reported the pending sale right after the last rent payment there were to receive.  

Purchase price: $368,000 Cash invested: $60,000 targeting 678k sale pending completion

Inventory = the total number of houses for sale, once a home's status changes to pending or contingent it is no longer included in this number.

That doesn't mean you don't have to network as that makes deal finding easier - but there are deals on the MLSI have a research assistant that looks at this for me nationwide.Here's an example:Sold in January 2019 for $205,000 - https://www.redfin.com/CA/Los-Angeles/1762-E-111th-Pl-90059/home/7314651/crmls-SB17210662Now pending with a list price of $429,999 - https://www.redfin.com/CA/Los-Angeles/1762-E-111th-Pl-90059/home/7314651OrSold in January 2019 for $430,000 - https://www.redfin.com/CA/Los-Angeles/535-W-124th-St-90044/home/7331796/claw-18-402646#property-historyThen sold in May 2019 for $600,000 - https://www.redfin.com/CA/Los-Angeles/535-W-124th-St-90044/home/7331796Let me if this helps and if you would like to see some more.

Who knows, maybe the stress of dealing with this pending lease is adding to his plate and it's more than he can handle right now, it could be a blessing to let him off the hook. 

I have a bank willing to loan me $360,000 to pay off the credit lines and put some money aside as a slush fund in case rents don’t meet expenses on a monthly (pending appraisal of course).

I'd wager that properties priced close to their final sales price are selling as quick or quicker than single family residential homes.I'll try and pull some comps for 5+ units on the Oregon Coast and the average days from pending to closed. 

You will most likely need to research each county magistrate court to locate the pending cases.

The city has a site where I can check any pending violations.