My only backup plan if I can't get verified funds is to assume the worst and to drop my counter offer even lower than my original due to the risk I would be taking on, and then when I do my in person inspection try and guess what rents are fair market for the empty units, and ask as many tenants as I can what they pay in rents monthly.

We are working out how to fairly distribute the cash flow so everyone is compensated.

And when it does move up it also hurts the borrower by likely reducing his home’s fair value if he were to sell.Let’s say a borrower wants a $600k house and is chewing on fixed vs AIO.

To depend on the rates to drop substantially to cover refi cost is a gamble.

Properties like this interest me because of their cheap price and fairly high rents.

The decision would be based on the income situation, so I'm not worried about violating fair housing laws.Lesson learned...

This is fairly standard in the Westchester area given most homes are 100+ years old and the building code / inspectors didn't really come to power until the 70s or 80s.Likely your real estate agent will note the issues. 

Here is what one of my 4 AIs say:The commission structure detailed in the image for a real estate transaction involving a property valued between $30M and $40M is as follows:Under $34,000,000: 1% (0.50% per side)$34,000,000 - $34,999,999: $400,000 ($200,000 per side)$35,000,000 and above: $500,000 ($250,000 per side)To evaluate whether these commissions are fair for a 112-unit apartment complex valued between $30M and $40M, let's compare them to typical real estate commission rates for large commercial properties:Typical Commission Rates:For commercial real estate transactions, commissions generally range from 1% to 3% for properties valued above $10M.

In a former life this was fairly common but I would have it paid to escrow and then credited off my origination fee, if that makes sense.

That person is now a licensed broker and has done fairly well but I dont think the training worked long term for him.