Due diligence on a 4 unit - need help!

[Bernard Sanga]

Newbie here. Just got a deal under contract and need help with due diligence. Property was self managed and does not have operating statement available. What other documents can I ask for besides leases? Is it normal to ask for 1099s for a 4 unit like this? Is there anything else I am missing?

Also, I am ordering property inspection in 2 days. Its a block construction 1985 building in FL. Is there anything specific I should order with inspection? I plan to do 4 point, wind mitigation and a plumber scope the sewer line. Any other ideas?

Any input will be much appreciated!

Thanks so much!

[Mary M.]

You need to ask for copies of the utilities, property taxes, any contracts, tenant leases, a list of any late rent payments, any plans if they did renovations, etc etc.  ask for a copy of the portion of last couple of years tax returns that relate to the property. 

You can google “due diligence list” to get examples!