The equity in the properties primarily came from finding properties that were "scary looking" so sellers took a low offer, and the added equity after rehab was far greater than the actual cost of rehab.

He also fraudulently misrepresents his personal experience to sellers to make them think he is the one actually buying the property.

And it's such a sellers market here that it's difficult to get a deep enough discount to clear much equity. 

Valuation for Property Management 3X to 5X Seller Discretionary Earnings or 1X to 1.5X Annual Revenue, depending on how well established the brand and reputation is in the market, market share, number of units, scalability, etc...Transaction Structure, never buy a Property Management business for cash,  you must include an earn-out structure or provision to protect the purchase against clients/property owners leaving post-transaction.  

A warranty deed is a promise or guarantee (or both) in a real estate transaction by a seller, to a buyer.

The sellers are motivated to sell.

So, we had the buyer and seller go into contract.  

Ended up getting price reduces and seller credits in order to conduct some repairs.

Depending on demand, it may or may not make sense.

Maybe market to sellers?