Firstly, regarding the location, I understand that exact location details can be helpful for some investors, but it's my personal preference to keep that information private for now.

As others have mentioned you could have a conversation with your tenant(s) about splitting the cost.

Ive certainly purchased properties at serious discounts to the listing price....but it wasnt just random shotgunning of the offers.What I usually start with when trying to see if a lowball offer is appropriate is having a conversation with the listing agent first.

Many are private owners just subsidizing their mortgage or they would not be able to afford the house without renting it out much of the season.

There’s a huge difference between winging it and setting up a system that consistently brings in genuinely motivated sellers.Get a website, focus on the 3 pillars of conversion (look it up), and crush it.

Always get permits for conversions and be cognizant of the experience renters will have in your home.

If you want to discuss more you can always send me a private message but so far I don't see any negatives with purchasing the multi-family.

And your Realtor would know more about what’s typical with new construction in your State, but I feel they should be fighting for your interests, and be the one having the conversation with the sales rep about a reasonable amount for the earnest money deposit, on your behalf.Glad you haven’t signed anything yet and hope you manage to come to terms that work for you.Keep us posted!

I do potentially have access to private money if needed, and a 401(k).

Which makes more sense in terms of fees and conversion rates?