When the offer is accepted they use the inspection contingency to physically look at the property.  

@Steven Hamilton II is in your neck of the woods- I would see if he's currently accepting new clients. 

With 7 delinquent tenants I'm sure some will get the message but if these delinquencies are 6 plus months you are looking at a long ordeal to get them out as they will probably not be able to catch up unless your landlord is willing to accept voiding some of the past due rent. 

This example is kind of ridiculous, but you see why CoC percentage isn't detailed enough to make a thorough analysis.I suggest running a full NOI & Cap Rate calculation for starters and comparing it to other deals in your area.Also, how sure are you the Sellers will accept a price 10-15% below asking?  

Tenant filed this about 15 days after the initial filing of rent escrow to court.At hearing, tenant presented his side, then mine was presented (pictures, receipts, more pictures from pre-court inspection) by an attorney and tenant was then offered by PM opportunity to break his lease now, he did not accept, and stated he wants to remain at residence.

If you search public platforms for opportunities to invest, you will find mostly 506c offerings and they will come with those restrictions.Conversely, a 506b will not allow the syndicator to advertise publicly, but will allow them to accept accredited investors and up to 35 non-accredited investors as long as proper conditions are met and prior relationship between sponsor and investor is established before an investment is made.Due to the restrictions related to public solicitation, you won't see those kind of offerings advertised out in the open.

Enforcement/collection is your problem, not the court's.So my non-legal advice is to move on and accept the loss.

@Tim Herman No Not working with any wholesalers my fear is with those homes it’s all cash since most banks wont underwrite a loan from my understanding if the place needs a big rehab also what would you say is an acceptable cash on cash return

I also posted elsewhere online & got one such response: "As a previously licensed property manager, I would first recommend not entering in such an arrangement to the owner, nor would I accept the job due to the complexity and potential disaster it could become.

Hello there BP family,I have just got my offer accepted on my very first investment property and now its time for insurance shopping.