We are about 75% done with rehab and have temporarily run out of funding due to life changes.

You'll find that cash flow is only the portion you collect after your mortgage and insurance is paid and any other debt services on your properties.

Hes willing to sell for extremely cheap and just wants the thing out of this life.

By having the insurance on the property add you as mortgagee.Follow these pointers and you have no worries.

I kept that license about 30 years.Right after you close get an insurance policy that will protect you if there is a loss.  

First of all, this would be an insurance nightmare should someone get injured on common area.

So the Mortgage includes the taxes and insurance. 

Realty Tax is about 18k a year insurance $7500 water sewer avg $16k utilities $8-9k.

Buy at a great price + location + good numbersRentals don't have to be rocket science.Figure rental rate based on like kind rented properties near by.Subtract: taxes, insurance, repair % (7.5%, but varies based on prop condition), vacancy (2 months), capex (5%, but varies based on prop condition/age), pm if using (8-10%).

Is he retiring to the good life on a beach?