My seller is very motivated so bumping my thread.

Then, figure out what it's gonna cost you – your mortgage, any possible property tax bumps, pricier landlord insurance, plus regular upkeep, fixes, and fees if you've got someone managing things.

A lot of NNN lease locations were signed decades ago with 10% bumps every 5 years so as long as they keep renewing their options and if their sales are steady both the landlord and tenant will be fine. 

Are there caps or can you bump the rent up to market value once their lease is up?

bump

You bump the sales price 10% since you're offering owner financing and get a 10% down payment.

For your fist property, I recommend finding a property that needs just light rehab, and then connect with a local realtor who can figure out what the After Repair Value would be based on recent comps in the area. 

Especially in Partnership land - the complexities of amending a partnership return are not cheap, and if you have 20 partners that now need to all amend their returns to get their 100% bonus depreciation later, that is a lot of compliance fees just for not wanting to extend.If you just file as is with the 80% rules, you can always amend later if/when it gets bumped to 100%, so that isn't a significant problem, just an extra step.What I would not recommend doing is filing as 80%, and then not bothering to fix it if it goes to 100%. 

I renovated one of the units and got a solid rent bump, but there are still 2 unrenovated units.

Quotes from GCs tend to be about 20%, so that bumps to $162/sf in Cincinnati, OH