Spoke with the lawyer, Because there are still married I need to have her sign the agreement for sale also, even though she is not on title.

We of course do this because a) you'll be doing rehab so the place will be unoccupied for at least a month after purchase and you'll still have to pay expenses (including utilities initially until a tenant assumes those accounts) and b) once a tenant moves out, it is rare for the place to remain to move-in condition AND you to have immediate replacement tenants ready to move in the next day.

In that case, all terms/conditions of the original lease remain in effect.So check the wording of your lease.

What is the condition of the building and its systems?

I buy a fixer (bad condition in good area) from a flipper for 650k and this IS FMV.

The other 4 seemed to be in reasonable condition.

I've spent the last few years getting my finances and credit in excellent condition so I can finally get into real estate.

The only way to really take risk on these buildings is to assume you have a solid set of bones or go by outside condition and figure everything inside needs to be replaced. running numbers on anything but this would be pure un educated gambling.

I started doing this per my lawyer's advice.

So even if your “partners” are family members or best friends talk to a lawyer a get a binding contract.