One of the tenants, which was inherited by the previous owner, has been paying rent late consistently (for the past 4 months) and by late I mean at the end of the month (rent is due on the 1st).

You won't have specific knowledge or insight to share with owners, but you have you're youth and hunger to do what it takes to succeed. 

Low purchase price and owner-occupied loan to keep down payment and carrying costs low to fund the construction costs.

Ask yourself this, would it make sense for me as the owner of a mortgage company to basically generate a customer for a loan officer and pay them out top-dollar when they were handed a lead or should I hand that deal to a loan officer assistant to get through the pipeline and keep the revenue?

You also have sellers who are financially less literate and make knee-jerk decisions.To your point, off-market deals in B and C neighborhoods are often overpriced, because the owner felt that their house is worth more than what the 5 agents they asked for an opinion told them.

The owner is selling one of the rentals and the assets are incorrect.

Of you owner occupy you'll be closer to your target rate.

Parent llC in wyoming - 50% owned by me and 50% owned by my spouseChild LLC in North Carolina - 100% owned by parent LLCWe brought one 5 unit property in NC in 2021 using Child LLC name as owner and paid cash.

When we turn a property, we have the move-out inspection report with pictures (available to the owner) and the repair bids are provided to the owner before any work is initiated. 

Will they stay on after you've become the owner?