Assuming a Portfolio of Properties

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Question for you very experienced BP members:

I've had a potential deal come across my plate, and it's a little outside of my usual multi-family strategy -- total of 9 MF units and another 9 MF units under contract waiting to close.  An owner has a portfolio of twelve duplexes that he'd like to be rid of en total.  Bought them as a way to have a side business for camaraderie with his son.  Fast forward...son moves away...owner has a heart attack.  Now, he just wants to be done with them and is willing to walk away from whatever equity he has in the properties for someone to assume the debt.  Properties were bought at the height of the market, so despite initially putting 20% down, I'm not sure how much of that exists at current market values.  Initial reported cash flows look good, but I have yet to do a full analysis.  It sounds too good to be true, so I have to think I'm missing something.  I would be looking at it from a buy and hold perspective, but would like liquidation to be a reasonable exit strategy if needed.  Some things that I know I need to determine:

--What the terms of the current financing are, and how long before refinance is due?

--Is there a prepayment penalty (or penalty for refinancing with another lender)?  In the event that I want  (or need) to liquidate any properties...

--Can I assume the properties while resetting the cost basis to the financed cost?  If the cost basis didn't reset with the transaction, it seems that it would limit the profitability of selling anything if needed.

--Consideration of taxes due for 2016 (and make sure that there are no tax liens on the properties) -- how much will be owed and will there be compensation for this at the transition point?

After a closer look at the properties' income/expenses, if it looks like the numbers work, I'll definitely consult a real estate / tax attorney and an accountant to make sure I'm not missing anything, but I'd like to know if anyone sees anything that I might be missing?  Appreciate any and all feedback.

I would ask a few questions on top of the ones you have already posted.  First, see if you can get a copy of the rent rolls, and then ask WHEN the tenants are paying, and HOW the tenants are paying.  You may discover that while they look occupied, the owner might have to knock on doors to collect rent, and may not be enforcing late penalties or evicting those who aren't paying.  Also get a look at his Schedule E to see what he has been able to collect. 

Those few questions alone would have saved me some headaches and allowed me to negotiate a better price on my apartment building.