Rental property purchase sight unseen?

[Wendy Busa]

Newbie question, I finally have found a rental property that looks to cash flow, the owner inherited it but wants nothing to do with it. Perfect, but upon setting up an appointment to see it with my realtor buyer agent, she found out that the tenants, not the owner, do not want any showings. So, they are getting an attorney involved. Red flag?

There are not any pictures of the inside. I have heard of investors getting a property under contract without seeing ti first. I guess the thought is that with inspection contingency, if it is not structurally sound, then you have an out.

My concern, it is a 3 unit, so what if the tenants need new appliances or something that is not covered by the contingency and I have only budgeted for 5% for maintenance and 5% for capital expenditures, will I be getting myself into a financial pit?


Is this a sign that I should run the other way or is it an opportunity to help the seller by offering to purchase with out seeing it, which makes me extremely nervous, particularly since this would be my first ever property purchase?

I truly appreciate any insight.