Actually it isn’t generous. 10% is nothing when you have 50% below market rent units. 

When the rent is below market price, it gives a perception that something is "off."  

I've even known some sellers that will do owner financing with no down-payment and below-market interest rates.

Below is our rough business plan.

Some commercial lenders will finance residential rental property below 5 units.

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"IF" we did something with his property it could be under an LLC and the risk of him losing it would be low. 

I’m sure someone will come in after me and pick it up for probably 100k+ below asking, and then just knock it down and build something fresh.

@Josue Vargas I leave a new shower curtain and rings, felt pads for under the furniture legs, furnace filters and a brand new roll of toilet paper on each holder.

We are stumped as to the legal hurdles though, could someone help point us in the right direction with some of the below questions!