Elevator, Friend or foe?

[Jeff Stein]

HI bigger pocket members!

I am slowly growing my real estate empire. I have an accepted offer in on my first multi story commercial building. It has 3 floors with offices totaling about 20,000 sqft. This will be my first building with an elevator and I want to make sure I have everything covered so I had a few questions.

1. I plan on having an inspection done and will sign a maintenance and inspection contract which covers yearly certifications. Is this smart?

2. The elevator is not currently working and there is a quote for $20,000 to replace the submersible hydraulic pump. Should I be concerned that there are a number of other issues with an older elevator?

Any other elevator advice or wisdom to pace along?