If they do not accept, I can rest assured that it isn't too much of a set back and proceed with the purchase.

As a car guy and former owner of several muscle cars I can assure you that you’ll get a better return on investment in real estate than in classic cars .

After 5 years, there is low risk for the next ten months.If this situation freaks you out, I assure you there is FAR WORSE ahead. 

We are going to “quit claim” (hope I got it right) the mortgage over to the name of the LLC which she assured us should not be an issue as she said banks are way too busy to ever discover it and make an issue with the due in full call.

I know this is a lot to ask but I can assure everyone I'm still a small fish.

I can assure you, you are 100% incorrect, especially for an NYC commuter market like mine.As to institutional investors don't guess and doubt unless you are educated on the issue- this is a great read .Also another here

I would not accept this outcome and I can assure you that those I've managed for would have gone crazy with 5 months of no payment!

I know this is is never part of the guru seminars about how landlording can assure your financial freedom, but this is how our world works when you're dealing with people like this.

We have permission from homeowner to be placed on title to assure our ability to purchase.  

Goals: -stable cash flow, not as concerned about appreciation (check, assuming description is correct in saying they've had stable tenants. rental price should increase in the next couple years so i have some assurance there)-looking for min $100/unit (check)-C+ neighborhood (check, borders some B/A neighborhoods in upper Ohio City so hoping some absorption goes that way)Other things: -20% CoC return (almost check - Changing purchase price to $53,000 and have tenants also pay water/sewage would bump this deal right up to my criteria of 20% CoC.)