Buyer is buying property in its "AS-IS" condition.

These properties are in great condition, are currently both rented out and providing great monthly cash flow. 

One of the issues with this is that since you have no equity in the property, and any fixes you do benefits your friend, and your friend can decide to sell at any time.If the numbers work out well, especially with being able to rent out the basement, you might be able to make the pitch for doing this, but with the condition that you co-own the property so that you can benefit from the upgrades along with gaining the experience you're looking for.

It could use some mini-splits but new furnace, 5 year old roof that looked in very good condition, 2 units mostly renovated. 

You can get a pre-Aprovel from a Bank or a Lender the difference is the Bank offers only there own products and most lenders work together with multiple banks and other lenders so you can shop around for the best condition.

I have driven by the property and two of the houses I found appear to be in good condition, for sure not knowing how the inside of the house may be of course.Thanks so much for your help.Kind Regards,

I'm worried that with this being in such a great location for flips and BRRRRs, investors will be all over it if it actually gets to auction.I have funds lined up for the downpayment and a BRRRR loan, as well as my team in place to get the house back in pristine condition. 

What's real is what was always real: find a house/apartment that is undervalued because of condition, or that is right-priced but has additional opportunity for increasing value, buy it at the right price, do what needs to be done, rent it or sell it as appropriate.

There is going to be some changes in my living conditions and I wanted to move back into the property the is currently leased.

More info is needed Bryan, what state, what is it, what is its condition, has the first started to foreclose?