We negotiated on price based on the CAP rate and deferred maintenance items.

I have deferred all my renovation costs and am in the reasonable ballpark of market....If they leave, then so be it....

The longer they have owned it the more likely it is that they are behind on deferred maintenance and have below market rents2) Why are you selling?

Cash purchases are NOT a refi event - but a "deferred mortgage." 

Botho ptions are allowed by the tax code, or I wouldn't present them."

You can defer them with a 1031 exchange, of course. 

How do the rent to price ratios look if the properties are fixed for long term success (i.e. no deferred maintenance)? 

Made the mistake of paying my contractor large sums around Christmas time even though he hadn't met deadlines because he gave me a sob story about needing money for his kids' Christmas presents, big mistake.

I feel like I could present it as paying off their mortgage for them over the course of a 2-3 year option and freeing up those payments for them to move to Florida.

Two most important things to know how to determine are what is the ARV (after repair value) and how much is it going to cost to fix up from its present condition to where you want it to wind up.