We might be able to do business together.we only use it on seller carry back  ( IE we own the asset and sell it) we dont offer it as a financing product  

Promise yourself you'll think differently when it's your time :)  And find a way to ease him over that bridge.One suggestion would be an owner carry note or an installment sale. 

This would allow the tenants contracts to carry on in my name until their expiry, which for all 3 tenants is April-July of 2021.

Complications with subrogation should be a secondary consideration for a landlord.I also suggest that your leases require that tenants carry annual insurance policies with a minimum of $500,000 in liability and that they provide you with a full policy and certificate of insurance prepared and signed by their agent annually. 

The ideal structure would be to have one property per LLC (or child series, if using a Series LLC,) and then using a different LLC to carry out your operations.

When you do eventually find it, hold on and nurture that relationship as if your life depended on it........your business life does. 

So my DSR had to be good enough to carry the whole loan assuming I get 0 rent which was going to require more down.I am now thinking about doing what I do with my single family BRRRR.

The interest carry will eat your profits fast especially if you struggle to get the project done and sold quickly.The best way to get started in REI is by wholesaling.

I'm with Anthony, Carrie and others who say to report it and talk to him. 

I had sellers carry the note for me on many accounts, but raising money to take down a deal is another animal.