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Once I made note of how much it would cost to run the properties properly, and that the seller's terms are high, the third party told me that the seller would now be willing to throw in the third property for the price of the two I was analyzing.Great, already showing some eagerness to drop his properties (same owner for over 20 years and definitely not maintaining)They asked me to start with a letter of intent to see where I'm at for terms, and we can work from there, he said the seller may agree to 850k-950k (which I still don't think it's worth it, unless if it was maybe south beach and rents were 2200-2500!)

I would verify the local county/state laws on the proper notice and move forward with your notice to provide the option to replace the tenants.  

If you have myrentcourt.com file this for you, I recommend you call them to ensure they request the "no right of redemption".

I'm not saying you need to go to college, I'm saying to walk in the shoes as professionals in this industry you need to understand the basics of the industry, need to speak the proper lingo, not "investor guru talk".

I don't know enough about the deal or the borrower to give proper advice.  

You do need a proper license, which costs $50 per unit rented.

Those IRA custodians that do accept them will most likely require that you appoint a special advisor to oversee the transactions of your IRA-owned single member LLC, to ensure you are not crossing the line and doing prohibited transactions.

No need to ensure appropriate safeguarding of SSNAnother benefit of not collecting a SSN is the landlord doesn’t have to worry about adhering to all of the varying and confusing state laws around protection of personal identifiable information (PII).

Good rentals will bring money in without demanding a lot of your time provided you pick carefully and manage them properly.