Seemed strange to me but, I gave him my complete confidence.

How confident are you with exit strategy?  

Not just due to overall market, but also do to location improvements (BART, up and coming complex, etc.)As you alluded to, be careful with a double ended agent deal, especially if it's your first.

Since you're now trying to improve and resell, it would be best to use seller financing for acquisition. 

If the other 6 all need $2,00 of new appliances and HVAC improvements then that will not be very fun.  

However, with the building being non performing, you need to put in capital improvements and manage the building better than the last guy so it might not work also.If you have bad credit and some capital you have some flexibility.

Don't forget that at least at the local commercial level most of these guys and banks know each other so if you get a good relationship (demonstrated by multiple notes with one guy) they see it and it is a confidence level for the second guy as well.I guess my long winded bottom line is develop a relationship somewhere for the first few then expand out. 

My thought behind doing this would be twofold:1) I can deduct my home improvement expenses (cleaning, painting, remodeling).2) I can deduct the business loss from my personal incomeCan I do this?

Under a county program, I qualify for an income-based first time home buyer loan with these terms:The loan requires 3% down payment  No mortgage insurance  The maximum loan amount is $417,000 Provides first time buyers with up to 25 percent of the purchase price to assist with the down payment and closing costs.When it comes to resale values in these loans, there is a set price value when selling: "The Set Price is calculated as: original price paid, plus annual appreciation based on increases in the Area Median Income (average 2-3% annual appreciation), plus the cost of capital improvements made to the property.Is anyone familiar with these types of loans? 

I was really uncertain and now I can move forward confidently!