Essentially, from the buyers prospective, this is a “penalty” paid for either having poor credit (bankruptcy, 90 day lates, overburdened with debt) or lacking income.  

In our previous discussion, we delved into the effects of interest rates on small businesses, but it’s worth noting that these rates also have considerable influence over larger enterprises.Corporations are facing a daunting challenge this year, with roughly 33% more debt to refinance, totaling a massive 1 trillion dollars or more due in each of the next four years.

The other owners would sell you their shares for the value you agree on, and the loan funding (your new debt) would be their proceeds.

Are there any specific considerations or legal aspects I should be aware of when making this transition?

Your sources is were you get your money from, ie debt or equity.

If you have debt to pay off also you could do a HELOC possibly.

It gets crazy, even six properties gets to be a lot of debt cards and balance management just to go to Home Depot to purchase supplies. 

I would never advocate using unsecured debt for a down payment.

Some of my leases need to be updated, including increasing security when increasing rent; putting in clear violations (such as tenants using electrical heaters, which is a fire hazard); having a reliable attorney ready should any legal issues arise.

If the truth was told and he was just another guru struggling to rise above the “noise” of the competition, he would probably be traveling under the legal radar.