An attorney is a better source of legal information.You can always insist the offer be submitted with your letter.

This is a commercial venture for you and the owner would probably insist on a triple net lease where you pay all taxes, insurance, and maintenance.

If I don't have to replace all, I am that much more ahead.After you have a contract, insist that they do turn on utilities for your inspection.

I'd still want to verify the vacancy rate before I did anything else.(153 units)($366K-$151689)/((12 months)($61K/month)) = 44 units (truncate the integer part)(where NOI=$366K and debt-service=$151689 [assumed 7% APR for that $1.9M])If the property is 100% vacant, then I wouldn't offer more than 30% to 40% of its market value ($2.614M [14% cap] to $3.66 [10% cap]) for an all cash offer, and I wouldn't offer more than 60% to 70% of its market value for an offer with 100% seller financing--even in that case I'd also insist on abating or at least deferring the first 6-12 months of payments.Besides the all cash offer and the offer with 100% seller financing, I'd also present at least another hybrid option (with part cash and seller carry-back) with split funding, and I'd require that the property at least appraises for a certain target figure before the second payment is made (and I'd also include a conservative end-date by which time all of my repositioning efforts would have increased the value of the property minimally to that target figure).

Most likely, they would insist on some time period, say a few years, to get paid.

Then the home warranty company insisted on supplying the part  (something any local guy would gone and picked up same day)... it had to be sourced and shipped in, but because of the particular unit it was out of stock.  

He insisted it does.

I communicate it via email, text, or a phone call.Now, IF the offer gets accepted, I insist on an inspection period where I can really dig in and do my due diligence (contractor + inspection + discussions with property manager & realtor + deeper dive on comps, rent projections, neighborhood, property taxes, etc.)If I learn something during my due diligence period that changes what I’m able to offer, I communicate that to the seller and we either agree on a new price, or we cancel the agreement.Also, since I’m under contract, the deal can’t be stolen away by another investor, and I have time to decide if I really want to buy it or not.

I strongly recommend a free service called PetScreening.com then insist that any and every animal that comes to you to rent must go through PetScreening.com they will verify the legitamcay of the animal and the patient and keep you out of that process keeping you out of trouble.

If so, insist that any applicant include the names/contact info of their last three landlords, then give them a call.