Seller had no reason to back out. 

This means you can raise their rents a reasonable amount and they will likely not move.

have fun and keep a score card of your success (add up equity until you hit a million dollarstenants - your new responsibilities - treat them like customers - they'll pay your mortgages if you dodo not associate yourself with a mentor or buy expensive real estate programs unless you know for sure that the instructor  or mentor has a reasonable large net worth and is qualified to teach you what you need!

My one major reason for asking is I have yet to see someone on BP (or elsewhere) use a BRRRR strategy on a property valued more than 150k?

Essentially, I think I'd be a good "source" to answer your question.Short answer: "No"... it's likely* not legal for you to do this, and the partner with his Brokers license is putting it at risk by allowing you to act as "manager" for the units.Long answer: The reason I say likely* is...

Outdoor pools here in the Midwest are a reason to drive down the price.

Make sure your offer gives them a reason to think that will happen.

No reason to reinvent the wheel if it has worked as is for 60 years. 

If you have good enough reasons, then go for it.

If for some reason I am just not looking right, any pointers would help!