Has this property been working for a while with a track record of income performance?

Hello @Daniel Reed,The supposed advantage of multi-family properties over single-family homes is misleading when you look at financial performance.

Just like when evaluating a potential purchase you should be performing the same due diligence with rents.

It is widely recognized as a loss leader within the industry and those who are successful normally have a complimentary business such as a brokerage or a construction company that performs complimentary services.

Ensure vendors feel fairly compensated for their expertise.3.Feedback and Recognition: Provide constructive feedback on their work and recognize exceptional performance.

You can get away with using 5% for Class A tenants, but we use 10% for Class B and lower. 3) Tenant Payment Performance: you didn't mention this, but it is important!

The contract must contain:the contractor’s name, address and telephone numberthe approximate start and completion date, including any contingencies that would change the completion datea description of the work to be performed and the materials to be provided to the consumer, including make; model number or any other identifying information; and the agreed-upon price for the work and materialsa notice advising you that you have three business days to cancel the contract, unless during an emergency you waive the right in writinga notice that all payments received by the contractor prior to completion of the contract work must be deposited in an escrow account

Sometimes pulling out equity and reinvesting it elsewhere..maybe in a smaller, more agile asset..can give you the cash flow boost you’re after without giving up a solid property.Improving the property’s current performance by making it more appealing to tenants or tweaking lease structures could give you a nice bump.

You have to properly vet and perform thorough due diligence (which I didn't do a couple years ago when I first jumped in).

And/or are you willing to take the risk of being sued by the seller for not performing on a legal contract (and losing your earnest money)?