@James CarusoPerhaps you can show the 401k account statement and evidence of the funds flow to satisfy the seasoning requirement.

This sounds like a solid investment.

If you save up and put in a healthy down payment and have solid cash flow that covers incidentals, it’s mindless.

If you see any evidence of damage I would not renew their lease when it is renewal time.

You can fight it and present your own evidence.

I believe the "evidence" is pretty strong that rent control doesn't work (of course, I'm preaching to the choir, and will say later why I think RC is actually good from a messaging standpoint).

If you end up in court, you will have to show evidence of the repairs and cost of those repairs.

They enlist several people to help close the deal, which begs the question, why were they needed anyway if the main guy is a solid capital raiser?

The long-term plan is to convert that equity into larger deals such as apartments (but I'm not quite there yet).The only reason I've been able to do all of this though is because I have a really solid W2 and I don't need to count on the rental income.  

@Jay Hinrichs While I appreciate your extreme concern for the seller, I am in a solid financial position and could write a check if needed.