Even if you win you have to find a way to collect.Then there is small claims which has a limit.

These situations are often short term deals, that when made liquid, provide profits to all and are then taxed more easily.

This would also be a great opportunity to try out STR in one of the units, and you would be able to easily manage that process.

You say it dosent need much work but you can easily spend 30-40k on not much work.

Rented the home for over 4 years easily.

It's extremely common for buyers in the Austin market to waive the appraisal contingency to win in multiple offers, which means they are removing their right to terminate or negotiate if the appraisal doesn't meet value. 

Whatever you want but make sure to celebrate the wins along the way or you will burn yourself out.

These properties would produce good value if purchased and flipped and I was wondering if anyone has had any similar experiences purchasing such properties when you can’t easily contact the current landlord?

Also when buying you don't pay the agents commission but the seller does, so its a win win for you and your agent.

I have seen several posts this week in this style and it could easily confuse new investors and misrepresent LP and GP syndications as an easier or a quicker path to wealth.