Input on Contract Language - Showing while under contract

[Ed Long]

Hello,

I'm close to making an offer on a two family property. I'm looking for advice on additional language to the contract to make my ability to rent the apartments while the seller is still living in one of them. (Understand that this is advice only and not legal consultation)

My initial thought is such:

1. Language in contract that gives me and ACME Broker unrestricted access to the first floor from say 9AM to 8PM. And by appt. for second. (which shouldn't be much if any) Utilities will stay on in the first floor until completion of sale.

2. Listing in MLS for rental unit once contract is signed by both parties

Summary of the deal

Price: 66K, paying cash, move in condition, was homeowner's house.

Two 2 bedroom 1 bath apartments. 2,500 sq. feet total

Great yard, decent location, mint interior, W/D in both units

Expenses ($7.2K/yr)

Insurance: $900

Taxes: $3,100

Vacancy $1,000

Maint: $1,500

Utilities (Water only, tenets pay everything else), $800

Admin: $100

Landscaping: $300

Supplies: $100

Income: ($15K vacancy (7%) deducted from NOI)

Rent $700/unit. $1,400/mo. 16.8K/yr. NOI

12% cap rate.

Thank you.