He might have more value than you initially saw, but probably doesn't know how to show that to you except by doing a good job.The others are definitely gone, rents need to make it to market even if it means turning over some of the tenants (prudently with a strict eye on vacancy control).

@Dean HulsingOnce you understand the environment in which the business operates (local tenant population, average rents, physical and economic vacancy rates, the growth / decline of the local economy, the risk of the local economy (i.e. does most of the tenant population work for a single (cyclical, declining, growing) employer)), then you can compare the business (property) to its peers and evaluate its shortcomings and potential.After the above, you should be able to put a value on the business and, if it looks to be a profitable, long term venture, issue a Letter of Intent (LOI) with your offer and deal framework,  If accepted, you then dig-in and conduct the formal diligence.

What happens in a year or 2 or ten if the turnkey business is gone you are stuck with a property thousands of miles away with no control and as mentioned no way out without a loss 

Hello All,I am working on taking control of a duplex using a long term lease option.

Monetary transactions must be controlled through the use of receipts and regular monitoring.

SUGGESTION:  Find someone to work with on a project and get some experience before venturing out on your own.

Wishiing you success on your real estate ventures!

Outdoor smoking tenants are the least of our problems owning and controlling assets.Frank

Joshua,Welcome to BP and congrats on deciding to take control of your future with real estate investing.

It is completely unreliable and you really have no control over it.