Sounds like you have already had some negotiations so at this point keep it unemotional by presenting your offer from the perspective of an appraiser.

I've seen several mentions by other successful Realtors on these forums of using them and heard them mentioned in podcasts, but when I've presented them locally, I often get met with surprise and sometimes have to explain to list agents what they are.

A lot of small mulifamily owners incorrectly assume that deferring maintenance will save them money (it doesn't in the long term)  that leads to the deterioration of buildings, also these units tend to have some of the cheapest rent in town and can be poorly run. 

At present looking to be very focused on OOS multi families and seasoned syndicators so want to go to focused REIs.

@Austin JacobusFill out the Fafsa (starting Oct 1 now, not Jan 1 the following year), get free grants/work study/scholarships if you can, buy real estate and rent out rooms and units to other students to live for free, take out low interest and deferred student loans while in college, pay off students loans upon graduation before interest accrues with the profits from your real estate investing.

It was presented to the seller yes.

You would take $500K in boot and would then need to purchase at least $700K of real estate using the remaining proceeds in order to fully defer the rest of the tax.An awesome strategy! 

Just want to know how to present it to a possible partner. 

I went through 5 4plex deals that had so much deferred maintenance that I passed on each one - losing about 700/inspection each time. 

If you presented yourself as a cash buyer, that may be why he wanted a fast close as he doesn't realize the full situation.