When buying from Mom n Pop sellers...

[Rene D.]

When the seller only has a hand written Income (rent) and Expenses, 1 page, 1 month, what is the best way to confirm all income/expenses?

I'll be looking for:

tax returns

bank statements

any invoices

utilities

What should broker provide? (I know this is tied to what seller has)

Thank you!

[Matt Devincenzo]

What level of asset class are you buying? 

On small assets SFR/small MFR and even small MHP, it's somewhat irrelevant what the seller is making/paying. Your market dynamics will dictate what pricing should be regardless of what they are now. Asking for and evaluating T12 is much more relevant to larger MFR with management than M&P operations.

I'm not saying you can't ask for it, but in a practical sense it likely doesn't matter on most small sales.