Attorney Review for a Multi-Family

[Momi Sabag]

Hi

I have been trying to get into real estate investing for a while, but even though I've been doing some serious reading, I still feel not super prepared.

I used to have a condo which I rented out, but that was pretty straight forward.

Today I bought my first 4-family building and everything happened very fast. It was listed on Friday, and today went for highest and best so there wasn't enough time for due diligence. Usually I would not do something like this, but this was really a unique opportunity.
We are going into attorney review and once that is done, I would be able to do the formal inspection.

I was wondering if anyone has tips for me regrading things I should add to the contract (such as contingencies). The realtor told me that usually people would put an escape clause if there are environmental issues (such as an oil tank in the back yard) or structural problems.I was hoping that the collective experience of the people on this wonderful group would help me avoid some pitfalls with my first serious real estate adventure.

Thanks