****SUBJECT TO***** Should I reveal my plans upfront to the owner?

[William Newman]

Good morning BP,

I am interested in buying a 4-unit building in the suburbs of Milwaukee, WI. It is currently FSBO for $210,000.
1st - I think the owner priced the property at least $20,000 over market value. I am estimating the value at around $180-185K. So where should my starting point be for my offer?
2nd – I would like to propose a subject to existing financing clause into the contract. Should I wait until I see the property and evaluate if I even want to purchase the property, or should I inform the owner immediately that I would like to perform the “subject to”?
I did conduct some due diligence. The tax records are in the owner’s name and they state that he lives in one of the apartments in the property, but the listing also contains a telephone number for Denver, CO. (Hopefully this will increase his motivation) Public records leads me to believe that he is quite elderly.
Thank you in advance for all inputs and suggestions.
William S. Newman
NIT Realty
A Limited Liability Company

[Wayne Brooks]

Apparently you also have no idea of what financing is in place, that you would want it subject to.