One unit is occupied, tenants are month-to-month, tenants pay for all utilities, except water.

@Nolan Mahoney I’ve got a small but growing number of units (25).

You pay him however you want check or you can use unit rents.Have you thought about just getting an approval for a mortgage and not use the seller?

We have a 2 unit property under contract for 59,500.  

But my suggestion for you is to have a realtor in your area send you emails of similar rental units nearby.

Investment Info:Large multi-family (5+ units) buy & hold investment.

I am a new investor and I want to buy a six unit property in Atlantic City the property is being sold at $475k I’m offering $450k 5 units are rented and one is vacant and it needs work I leave in the area and I own a home remodeling business so I can do the work myself for very low cost.

Sounds like you are trying to use a primary residence loan for an investment, so maybe it would be beneficial to look into 2-4 unit primary residences.  

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

There’s a large apartment (a few hundred units) being expanded 3 blocks away.