As the new owner, you would need to operate according to the terms of the existing rental agreement (written or verbal) until you enter into a new rental agreement with the tenant.In the absence of a written rental agreement, you will need to proceed with caution.

The biggest factor/ unknown will be the support underneath which I will have a structural engineer take a look at.THE GOODI am quite sure I could offer low 30's for the property and he would accept. 

I know I need to leverage it, and I am just looking for strategies to grow my Buy and Hold operation at the moment.

It is one of the reason they want to rent not buy.On the other hand, I know of people that operate in a C class working neighborhood and they have lower standards because that is who their demographic of house appeals to .

Has your broker or owner provided list of expenses / operational costs and have you verified them for accuracy. 

Please get me the Operating Statements and Rent Rolls on both properties.

Making that note in my Standard Operating Procedure now!

You actually have to work as a real estate salesperson underneath a broker for years before you can write your own deals. 

It's the small, locally operated banks and credit unions that have the ability to make decisions in-house, they don't have to conform to a set of standards written by someone at a corporate office. 

Spell out in detail within the operating agreement of the LLC what happens when this happens, or when that happens.