:>)If I were in your shoes, I would buy one property, put the equivalent debt from the condo on one of the purchases and pay all cash for the others.  

I'd personally hold out for cash for keys.Anyone here thumping their chests about how they'd threaten their tenant - put yourself in their shoes. 

So, I put myself in her shoes. 

What would you do if you're in my shoes? 

How would you react if you were in their shoes?

But not likely.If I were in your shoes, I'd spend the next 12-24 months aggressively paying down debt and piling up cash once you're done with that. 

What would you do in our shoes?

So, my guess would be that they already owe their current landlord rent, and they're hoping to get away with some free rent from you before you kick them out.I'm not in your shoes, so it's easy for me to tell you to just not rent to anyone who doesn't meet your normal criteria, which I hope is normally really tough. 

If I were in the OPs shoes, I would first, check with my lender to see if what the seller is proposing is legal  (my guess is no) .... then, once I purchase the property i would ask the tenant to fill out an application and go from there....then join your local rental property owners association, take a new landlord boot camp class and use their forms so you can be sure to have the correct forms for your locale  oh and also read the local landlord/tenant laws  

I would call them and just let them know (nicely) that maybe shoes off is a good policy etc etc.