What questions to ask the seller

[Cory Deeter]

I've got an opportunity to purchase a SFR in midtown Indianapolis area from a neighbor who is looking to sell it. The neighbor owns a local PM company and has been managing it for several years. He and his wife are looking to buy a bigger rental property and need the cash so he's offering to sell it. The property has been consistently rented for the past two years and the tenants just signed a renewal for another 12 months. The property rents for $750 a month with tenant paying all utilities.

His wife is a realtor and is willing to sell it off MLS for $50,000. I haven't had another realtor pull the comps to determine if that is a good price or not, but I will do so. I've got my financing lined up and ready to go so I'm in a good position to buy it.

I'm looking for the BP community to help me through this process by telling me what questions I should ask of the seller to make sure I'm not stepping into a terrible deal.  If you were in my shoes, what questions would you ask the seller?