LOI vs Puchase Agreement

[Philip Hernandez]

Hello BP sages. I'm in negotiations to purchase a 12 unit apartment building in Ohio. We've tentatively agreed upon a price, but there's quite a bit of the financials that the owner has not yet provided. I'm hesitant to enter into a purchase agreement, until going over the financials/paperwork of the property in greater detail. I also don't want the broker to feel like I am wasting his time, as this is my first deal of this size. What advice do you guys have with using an LOI to start negotiations, vs purchase agreement?