HAve seller complete sellers disclosure document, sign a sales agreement, perform any inspections detailed in the agreement, deposit earnest cash with closing agent to open escrow.

All units are currently rented, however, I just received the leases from the seller and there were no security deposits or last month's rents collected.  

If that produced deposits I was happy to receive, I jumped in.As I am B&H, I didn't look at the time required to payoff. 

.), etc.If tenant in place: strong lease terms, proof of payment history, screening criteria including personality screen, security deposit & last month rent held, annual lease term, etc.  

I always get an estoppel agreement during the buying process so that I have the consensus of both seller and tenant as to whether there is a written lease, what the rent amount is, whether there is a security deposit and whether the landlord or the tenant owns the appliances. 

The only part of the transaction you may have to use your own money is for the EMD - Earnest Money Deposit - to give to the original seller.

Credit scores would support what I'm looking for without additional co-signer,, one thing you need to consider is that if you permit co-signers it sets a precedent. and Fair housing could be made a thing unless you only require co-signers for students,, but they are graduating so no longer students.. so wouldn't qualify as eligible for co-signer..I don't believe in co-signers I rather have extra on deposit. 

I have one property manager that has her own crew and does a little bit of the same thing - I put a deposit down on painting and then trued it up with her a couple of months later.  

The capping of security deposits, and the "Payment Plan" of the security deposit.Payment Plans Required –Landlords must allow an installment plan to pay a security deposit, a pet deposit, move-in fees, and last month’s rent.

If successful you don't like it you lose a deposit.