You want to be sure to look at the big picture.

You need commercial insurance to be covered.

May be save him 3% because you don't have an agent but listing agent commission is covered by agent listing agreement whether he brings the client or someone does. 

Also was hoping to get some recommendations for investment-focused real estate agents that cover Morris County and Essex County.

However, in the big picture, 5-6 percent is still very cheap money. 

Pictures: https://drive.google.com/folderview?

If the landlord's already owed $500 from the security (say 2 months into a 12 month lease), that may not leave much more security to cover all future damages/unpaid rent/cleaning fees/etc. at move-out.

After negotiations, the seller just submitted his final over.Heres the deal:$154,900 purchase price and seller agreed to cover all closing costs.Monthly expensesMortgage: $840Taxes: $50Insurance: $225Flood insurance: $60Vacancy of 5%: $107Cap Ex: $172Total monthly expenses: $1454All 4 units generate $21503 units rented out with me in the 4th generate $16251st year cashflow: $171/monthAfter I move out and can rent out the 4th unit cashflow: $696/monthWhat do you guys think?

He was used to a 1 1/2 page contract that covered "everything" (but really didn't).

The original plan was for the tenant's side to pay 100% of the mortgage / taxes / insurance / PMI, while I cover trash and water for both sides.