Four Unit Apartment Rental Purchase

[Charles Stubblebine]

Hi BP,

I am considering buying a four unit apartment bldg that is turn key. The ad says it comes fully rented and lists what each tenant is currently paying (if that is current). This would be my first investment property purchase and I have some questions and looking for some advice:

1.) How can I find out if the tenants of these units are paying what the ad says? 

2.) I want to hire a property manager to manage this property. Since I will be inheriting tenants how does this work?

3.) What else do I need to think about?

4.) I plan to buy the property using a conventional loan. I am not an LLC and I do not have 20% to put down. I know I will have to pay PMI but I have always went VA. How much does a conventional loan require you to put down if you plan to use PMI? Is there a standard?

Thank you.