I'm quite happy with a relatively simple life, and I can only thing of a handful of things I would increase my spending on if I were 'filthy rich' (Upgrading my computer more often is one, getting a second net connection in is another - hardly expensive stuff....)

I found that five of them had changed hands to other owners.

I believe that hands down it's RE.

You may be right, may be better to be entirely in private hands.

A good option would tie the sellers hands so they can sell it ONLY to you until the time the option expires.

Tell them the situation and make a proposal.The hand's on real life education would be worth more than you can imagine.

:D On the other hand, I have had good response just simply acting as a single investor who buys for my own account, not affiliated with anyone.

You are also exposed to the due on sale clause which I know people say is never exercised by lenders but I know first hand that that is not true.

A little market research on my part shows the rents to be on par with other units in the surrounding units.The four plex on the other hand w/ 10% down ($15,000) has a Cap.

You don't want to reveal that until you know you have a motivated seller on your hands and you surely don't want any unnecessary BBB strikes.