But perhaps your sister can serve this role.

Can I have this done by the existing owner before I take over or will I serve a notice of rent increase once I take ownership?

Based on your post, as a starting point you may be best served by building up some cash reserves first, rather than taking on the risk and responsibility of buy and hold.

HI Kyle,Steve is right and I can attest to the fact that there is no way heat on a 3 family will be 1200 anually.YOu should ask for actual bills for the past 2 heating seasons.I paid the heat on my 4 family for the first 10 years and if you would like IC an dig up my old bills to give you an estimate on what I Was paying for a 4 unit in NJ, I have since seperated to 2 boilers in basement and 2 furnances in the attic to serve 2 2nd fl apts.I still say this building has potential long as it is managed correctly.Chris

But the other 40 out of that 100 Bob, they will be best served by a retail listing.

For actual protection when the papers are served, you need to set it up correctly from the beginning that means opening a bank account, having an operating agreement and ownership certificates, EIN, etc.

Like Bill Gulley said, If you are a 1 trick pony you are not serving the seller's needs.Here are just some of the tools I use...

@Zachary Freeman Ok, now i see where you are coming from, yes, as you pay down your mortgage your net worth will increase. in the same sense, you take the equity from the house and use it to purchase another property, you have increased your net worth with the potential of more income from it. so that same amount that you want to sit in your property by paying down the loan and increase your net worth will actually serve you better by taking it and investing in another property ( same amount ) you will increase your net worth and income. hope that makes sense, that is why you have heard that you do not want to keep a mortgage deep into the property, the equity will serve you better by pulling it out and reinvesting it. read this blog i wrote, may help to understand: https://www.biggerpockets.com/blogs/8121/49059-do-...

Do you know if they had been served yet prior to the sale?

Focus and perseverance will serve you well.