If you are new try not to get overwhelmed by all the unknown tasks ahead of you. know this, you may not see clearly what lies ahead but I (and a ton of other more experienced ) members do.Take one step at a time.

I'd imagine you have $5k-$10k in reno ahead of you on each of those old lady units.

Real estate wise.I would say @joefairless new book he wrote, investing in real estate private equity, and the big shift ahead. 

I don't know how much but if I were to go ahead and close this deal next week, that back rent would not be my problem would it?  

Position yourself to get ahead!

Sometimes tenants will let friends come over and wash their trucks, some washing vehicles will illegally fill up large tankers for water off of your spigots, your tenants might let water run for hours for kids to play in the yard, etc.When tenants do not pay water they typically care less how much they use or if toilets run, sinks drip, bathtubs leak BUT if they pay the bill they almost always call the landlord for a single drip!

So we had a Lease signed 5 months ahead & the 1st/last/security deposits in hand 3 months before the transition.

I think if you give them a heads up you could also pitch your deal and give your analysis in front of the group.Hope this helps!

I would open communications ASAP and get the convo rolling ahead of time. 

You can't just give notice and have them leave.If there is indeed an agreement for Deed in Lieu, you're still in the position of inheriting a tenant from the previous owner and I don't see how you can vet the quality of that tenant ahead of time.