Advice on selling seller finance to older owners

[John Boyorak]

I am looking into approaching a previous landlord with purchasing their portfolio via seller financing.  They are an older couple that owns multiple duplexes, and planned on passing down their properties to their children once they passed.  It is my understanding that their children are not interested in running a rental business, and would liquidate the assets once acquired.  As the years go on, the owners are less interested in managing their properties, but feel obligated to continue doing what they are doing for their children.

There are quite a few assumption on my end right now, but I think the right seller finance offer would be a huge win-win. My inexperience prevents me from understanding if it can be done and how to position it.  I think the right deal would give them the following:

1. Give them an out on managing the properties
2. Keep a steady income stream coming in for them
3. Allow their children to inherit what is deserved while avoiding large tax burden.

Has anyone done a deal like this?  Is it possible to transfer property right now, and avoid the tax burden once they pass or is that based off the date of sale?  Any input would be greatly appreciated.