First Ever Property Viewing with Potential Seller - What to do?

[Marc Dela Cruz]

Hello BP, I sent out some direct mail last week and got a call from a potential seller. I'm visiting the 18-unit property tomorrow and meeting with the seller. He bought the property in 2014, 100% vacant and with a lot of deferred maintenance. Now, all the units are completely rehabbed and are in excellent condition. The unit mix are two 2bed-1bth and 16 1bd-1bth. Here's the thing: since the owner rehabbed the entire property, 11 units are vacant and only 39% occupied. Current Income is $183k, proforma with all the units occupied and at market rent is $420k. Also, according to the seller, since it's practically brand new, he has no operating expense info to send me, only the recent rent roll and claims the building will be full soon. The seller asking price is $333K per unit. Which is about 6 million dollars. I sent him proof of funds but it's only 12-14% of the down payment needed for a 6 mil loan. Owner is open to creative financing, and there's a current mortgage and no other liens on the property. Seller motivation is to get closer to its core investing area. So here's my question... what questions should I ask tomorrow? What should I look for? Is this a good deal? This is in the Bay Area with 4, 5, 6 cap rates.