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.

Interestingly enough, Lawyers and CPA's are great sources of leads as well..

If you keep properties in great condition and handle issues promptly you will take a lot of variables out especially when it comes to filling and having vancancies.