Do an inspection-they may be doing something illegal (eg grow op) to use that much electricity. 

How do you find the right purchase? 

do not list as 2 months worth of rent as the security deposit!

You are doing him a favor by being the bank.I don't know how to do the math out exactly.

If you are doing your first deal I would say syndications is not the best way to proceed and your better partnering with someone to get experience.

I'm also negotiating cash for keys, but I may opt out of doing so if I have to wait for this 180 day redemption period for the IRS to claim the property if they do. what has anyone's experience been with this ?

I don't do any marketing. 2.

Can I do this ?

So if you do buy I would probably not expect much value in the sale and simply do it if it has good, consistent cash flow.

However, if you do have a W2 type of job...then maybe the Conventional loan might be worth looking into.