Due Diligence/Economic Occupancy Audit Question

[Dan Mundie]

Hello BP community,

My partner and I are currently under contract on a small apartment complex, and have received all DD documents requested save one: bank/deposit statements. Have Historic P&L, fully executed lease copies, but do not have the actual bank statements or deposit copies proving income (economic occupancy). As part of our DD checklist, auditing income and cross-checking with P&L is a must, however, we were told this may not be available (bank statements or deposit statements), it being a smaller, family owned/managed property.

Wondering what everyone's thoughts would be in this case. 

My thoughts/added consideration:  Everything else looks on point, and fully aligned with our business plan, underwriting (assuming income is accurate), comps, and demo for the area. However, verifying income is something I do not bypass when purchasing (or consulting on buying) non-RE ventures, and love to think of commercial RE as ultimately purchasing a business.

 
All of that said, due to the value-add opportunity and all other items looking in alignment with our expectations, we are willing to proceed without having these items, but would love everyone's thoughts on the matter. 

Thank you in advance, and hope everyone is well!