Purchasing a rental property that has vacancies

[Mark McQuiston]

I'm interested in purchasing a multifamily property - specifically, a three-plex or a quad. Is it necessary that the property is fully occupied when I make an offer, or is this more of an added bonus?

I should mention that I am not looking to do any major renovations - only minor improvements to increase value by 10% or so. So, the property that I purchase is pretty much going to be the property that I rent.

I'd appreciate any feedback!

[Aaron Montague]

Most banks won't let you use income from rentals for at least 2 tax returns. Closing late in the year is a bonus in this regard.