A little advise and a few tips

[Ivan Burley]

I've been workin on a multi-family deal for a couple of weeks now.  The owner and I each have an agents and we have been going back and forth with offers and counters.  Recently we've come to an agree ment which I signed sent over.  Now the owners has countered again and added a clause.  He would like me to be responsible for the removing the remaining tenant (I'll be needing one side for myself).  The tenants are each on month to month lease.

I believe that this is pretty standard so I am not to opposed to it. My concern is that once I close and take possession, I may need to evict the tenant. From all accounts the tenant has been there nearly four years and been a good tenant. I wouldn't expect him to say otherwise. The problem is that I'll be purchasing with an FHA loan and I'm worried that this may affect my eligibility for the loan. If it takes more than 30 days to remove the tenant I may pass the FHA grace period so to speak.

I am not totally familiar with the exact specifics as to the move in requirements.  I've had trouble finding a solid answer on the subject.  I've heard many people purchasing occupied units, but haven't seen any with this situation.  I'd like to get some experienced insight on this subject.

Secondly, the owner had a previous contract fall through due to a failed appraisal.  The appraisal was failed to to needed roof repair.  I've been told that the owners insurance will be covering a roof repair.  I've said that I won't consider closing until the roof is repaired.  As I am sure it would not pass appraisal again.  Today we were told that they are unsure when they will be doing these repairs.  I am not wanting to give any earnest money or go any further without a resolution on the roof issue.

The way I see it is that if the insurance company drags their feet, I will have contractual obligations and money tied up while waiting for them to take action.  This is my first conventional deal and I really want and need it to go well.  I am totally green and pretty much on my own with my business.  I appreciate all the help I receive here and I hope that some of you guys can help feel in some of the holes for me.  Thanks!