I actually work with an Insurance broker that I know the owner personally, so i've ran several scenarios by him on this and he says there are no issues whatsoever.  

My friend operates a brokerage, and he was nice enough to allow me to transfer my license to his brokerage and not charge me any fees whatsoever. 

The existing owner will have no obligations whatsoever after COE.Your offer should have the Contingency of Assignment of Rents and Deposits. 

The people on here that are saying you just made a low ball offer and should move on seem to be ignoring the fact that you said you had a written counter offer with a time deadline - that means that it is yours to sign until the end of that period and effectively be under contract if you don't change any terms whatsoever.

I have not familiar with owner will carry whatsoever.

J Scott has an example contract in his Book that BiggerPockets sells that has some good teeth in protecting your interests. 

Thank you for the input Jd Martin I have no problem doing a hell of a lot of work whatsoever.

Anyway, since signing a contract in June I have received no deposits whatsoever...

I am planning to raise 4 out of 5 units 50/mo before the end of the year with no repairs whatsoever.  

If you are working with a broker or a seller and you feel like you are pulling teeth... a good script to use is that you need current financials upfront, so you can make an offer that you can stand behind.