Then when sitting in front of a seller, you'll feel more confident, and can at least propose a solution that actually fits the situation. 

Sounds like you guys were in the same situation but made the jump!

If so and they are taking the property as collateral this sounds like a standard mortgage situation. 

I mean, here’s my short answer—If you’re new and want to jump in the game, if it was my situation— I’d make an offer below list price, make sure remodel is legit, and verify those suggested rents. 

@Christian Whitehead Depending on what type of financing you do - M2M is the ideal situation for an owner occupied property to be purchased.

What exactly is your situation and what are you looking to find out?

If the market does not cooperate, or you can't continue to make payments since your cash flow is negative you may find yourself in a stressful situation.  

I'm dealing with a similar hoarding  situation now.... don't be afraid, just get to work!   

If so, what did your leases state, if anything about a situation where the landlord could not supply the unit to the tenant?

My financial situation is pretty unusual.