I've also noticed he's (HOA president) doing extensive home renovation on his unit.

That way, you can sell the re-performer for more.

The sellers have been dragged along to long and are unwilling to do another extension forcing this buyer to be exposed to maybe $500k in tax liability. 

Based on this metric alone this portfolio won't cashflow with 75% debt.You're assuming 100% occupancy and it may happen from time to time but the property needs to perform at 90% occupancy or below.Even at 100% occupancy ($18K/mo) it won't cashflow because of expenses. $5000/unit/year is $8333/mo.

YOu can look for non-performing notes, 2nds, be a lender, participate passively, etc.The landlord and rehabber are just the routes that most people take.

So really right in line with historical stock market returns.The beauty of real estate is the it is 1) much easier to buy advantageously (get a good deal) than with stocks--at least for the average person, 2) you can also buy, even without leverage, properties that out perform the stock market, and 3) you can safely leverage 70% to 95% without much difficulty, making your money work much harder for you. 

Potentially lower your wholesale spread on the deal to make it more desirable, back out, buy it your self, or you could perform an option as opposed to an assignment.  

My first choice was quit claiming the property then I perform needed repairs.

I usually give the existing tenants 60 days notice so they have ample time to find a new home but beyond that, it's purely business.I do not recommend staggered increases over any stretch of time because that just delays the inevitable.

I've had a leakage problem with one of my duplex units for quite some time now; even after fairly extensive drainage landscaping, the problem is still occurring.Thanks!