You need to have a repair estimate in mind, remind them that they won't be paying closing costs, repairs, etc.Educating the seller goes a long way in negotiation, but that can only work if they are sufficiently motivated.

I am a project manager for exterior construction so I don't deal with interior jobs, but you should be able to know at least 80-90% of what needs to be done and what the real cost is through estimating the project.

If you're interested send me a scope of work and I can schedule one of my estimators to bid on the work you have... 

But above a certain level, you may want to see and approve, for example, a written scope of work and the detailed bid or estimate.

If the asking price is lower than the estimated value then you might have a deal.

Taxes = $4,519.00 Insurance = $1,737.96Repairs = $3,500 (This is either an estimate or due to the renovations for the one vacant unit)Down Payment = Because this is a 5-plex, I'm under the impression that I need a commercial loan which would require 20% down of whatever my offer is.  

I have one single family rental unit(zillow estimate $650000).

Already have estimates from contractors)Once purchased, will take out equity loan for 6k and and use for repairs.

Don't under estimate having a W2 job with a respectable company.

If anyone has input on how to get the best estimates for rehab work I would love to hear them. i.e. estimating tools, etc....