Basically, for the new investors asking how to get started, just be lucky enough to find a landlord who wants to get out and buy those performing properties. 

If it is a bad kind and extensive, I'd talk to companies. 

Both properties I have put all of my own money into the down payment and closing costs but have been reading extensively on other methods since it's quite expensive to keep doing it this way.Well, that's the gist of it.

Don't bank on past performance being an indicator of what will happen down the road.If you can find a place where the numbers make sense and after you buy it and before you move, find a good property manager, then probably.

Basically we have taken an asset we did not need anymore, that we did not think would perform at a high level in the future and "convert" it to Self Storage which will outperform this land going forward. f. 

My previous reply explains some of the extensive renovations needed and they have a tub that currently leaks every time they use it - which ultimately is damaging my property, therefore I need to renovate the unit in a timely manner.

Reach back to your friend with an alternate purchase plan and you need to come up with various option . eg:- All cash 50/60 k ,since you already planning to putdown 45k find the rest of the money via Private lender or from family & friends and close the deal .If your friend is firm on the price perform 1)principal only payment 2.)Interest [Rate under 4.5%]only payment with Balloon at end of 7th year  .Good luck

I am not sure if a tenant will hand over their financial information to a new landlord; really no good could ever come to the tenant who provided this; unless they were honestly unable to pay rent and begging to break a lease or renegotiate.When we are acquiring a new property we perform a lease audit on the tenants that you are inheriting.

I have been researching this extensively and I have not found a scenario like this, but please point me in the correct direction if I have overlooked something.

In fact, in 21 years, I've never personally paid for a LBP analysis, nor have I ever had a LBP analysis performed by a buyer on any of my properties.