Need help on this deal

[Scott Bastarache]

I found a commercial property for sale with 17 units. Currently it has 100% occupancy. The seller has not listed it with an asking price but has mentioned that there is an assumable loan of $560K @ 5.99% or asking to just make an offer. I have never dealt with assumable loans before. What steps should I be taking to make sure I have all of the legal and clerical things done correctly in order to make the deal happen.

I am leaning toward assuming the loan because I don't have a huge amount of reserves right now to put down and purchase the property outright. After running the numbers with the 560K loan assumed I am happy with the cash flow I see, I just don't know what to do to get the deal done the right way. I don't want to misstep on my first commercial investment.

Any help, thoughts or suggestions would be very appreciated.