Doesn't sound like any external pressure (code enforcement, potential foreclosure, bad tenant, needs extensive rehab, etc.) so there isn't any real reason for him to sell. 

That is very low in my opinion and not realistic unless the units just need new carpet and paint and some mechanicals.If these units have been tore up as is customary for that level of vacancy you can almost double the expected capex to 3 million dollars for full rehabs once you factor the parking lot, windows, roof and other external costs not inside of the actual units.First you need to know the exit expected cap rate once stabilized and expected rents being conservative.

Ever hear of property degradation, intentionally employing external obsolescence factors that reduce a property value?

It is essential to make it "invitation only" & hand pick the participants.

today, we have a nice, clean, repaired property with great tenants that we hand-picked.

Similarly each unit key can open the common external door when present.Lay out what you want to achieve - now and as you grow - in a spreadsheet or document and pay a visit to a locksmith to help you fill in the details and to rekey your buildings.  

Prices are higher, the homes have been significantly improved, functional obsolesence usually removed.I doubt that anyone can pinpoint an area as having a greater weather incident will cause any external obsolesence in the market, look at tornado alley, if the weather wasn't acceptable people wouldn't be there.

(my partner has a nice portfolio of rentals and a good record of flips/rehabs done before we started the LLC)Here is the info to better help you answer -___________________________________________________________We purchase hand-picked foreclosures (hand-picked meaning they require very little rehab) for amazing steals.

I would avoid fly by night clubs or the flashy ones whose organizers seem to have all the answers and or who sell their own unrated expensive "mentoring", "coaching", or God forbid "partnering" programs (which are often schemes to make you a straw buyer in a leveraged deal where they put gobs of money in their pocket, and leave you holding the bag in an unprofitable deal.Look for a club that is a member in good standing with the National REIA, and DO NOT buy into expensive programs and NEVER do a deal your own hand picked attorney hasn't signed off on- and don't pick an attorney from the club ;)

Like: knob and tube wiring, foundation issues, pests.Also look at external factors.