I think I can set something up where he transfers ownership to me (risking Due on Sale Call himself) and I start making payments to him in a Seller Financed deal. 

3 of the 4 units are currently occupied so my main concern is what is the best approach with informing the tenants their units are about to undergo rehab, the rents will increase upon renewal, and the utilities will be transferred into their names?

Long story short(not really)- Relocation due to job transfer required due to spouse being medically "retired".

With the bank approval the bank is prohibiting the sale/transfer of the property for 30 days.  

The stepped-up basis is significant as the property was in a trust for a number of years before it was transferred to my name so using a 1031 exchange is a must. 

Mark A.The Answer is actually quite easy.The Valuation of an Investment is underwritten using an Internal Rate of Return (IRR), not just a simple Cash on Cash Return (CoCR).So, what does an IRR take into account?

There are a couple of potential issues :- Title Companies in Texas no longer want to issue title insurance on Quit Claim deeds other than    administrative transfers(Divorce or other internal transfer) If this is a higher dollar property, Fidelity Title is the only one that I am aware of that might underwrite it. 

This should help with any assumption about the rent collection and if the seller holds last month's/security deposit that needs to be transferred to you.

I want to be a type of intern to their visible business life.

How do you transfer the deed of a rental property to a LLC if bought under the personal name to obtain the loan?