When you write a check, it can be immediately cashed, regardless of the date on it (exceptions can include payroll checks).Cite: https://www.quickenloans.com/blog/postdate-checks

Usually MF owners will be sophisticated enough to know their property value and they market condition so they won't sell at a very low price. 

The loan is paid back based on payroll deductions (the deductions are taxed because the payments are considered payments - not additional contributions to your 401(k)).  

I'd ask the seller if they would be open to it - depending on their level of sophistication you may need to phrase it differently and explain the advantages of smaller amounts of income over a longer period of time.

If you are going to try it you'll have greater success, in my opinion, in the small Multifamily space (say under 50 units or so) where the seller's and lenders are less sophisticated in some instances.  

Copied and pasted from his page:We’re always working to generate leads, make payroll, increase sales, deal with problems, hire/fire employees….You’re never free when you own a business.

Also, in case you didn't know, just because you pay 4-5% for property management doesn't mean you don't also have payroll for the onsite manager and maintenance lead.

They are pretty sophisticated and have their own people most times.I could have told them about tax effects, basically, but their eyes would quickly glaze over and I may say something wrong.  

I don’t know how sophisticated the tenants are and whether there are local attorneys in the area that represent tenants at a discount (or for free through a nonprofit).

Do we just cut them checks directly from the LLC or we need to be running payroll through ADP or another similar company?