This is my first purchase in Indiana and I didn't buy this place to be a rental but a flip so the entity is not set up to handle dealing with rentals and tenants, which is a subject for whole other discussion topic!

My plan is to reduce my mortgage payment by rehabbing the property and then refinancing my mortgage.

I really appreciate your perspective and I like what you said about negotiating with the total cost over the term of the loans to help reduce sales price.

That way I can reduce my estimates, increase my MAO and stand a better chance of buying something in this hot market.

Trying to figure out how much debt I can handle based on my budget.

I asked for ADVICE IN HOW TO HANDLE IT. 

I don't know anything about the listing agent, but the listing broker is a long time local broker, second generation at the ReMax office his Dad started, and was very professional and rapid in his handling of it. 

These are things like:  talking to people,  getting over the fear of the phone, hard work , taking risks and betting it all, handling failure and rejection, perseverance, and picking yourself up off the floor, dusting yourself off and doing it all over again.

My understanding/impression is that most of the 15 tenants are in the 700-1500 sq ft. range with the largest space being 2200 sq. ft.The Office Submarket looks as such: Flat capital growth and lease rate growth since the recession13.7% average vacancy rate in submarket 3 star (10.9% across all level properties)Availability rate 13.9%12 month net absorption SF 227kAverage 12 month sales Cap 7.7% (across all star properties)0 new properties under construction or to be delivered in the next 12 months Average lease rates are $22-24 sq. ft (this property is about 21.5-22)Value add (seems to be a stretch but might be):Upgrading interior hallways and exterior for a broader appeal and capital appreciationOffer basic build outs to interested parties (not something the current owners do) Working against the office submarket in North NJ is a declining population.and high property taxes but the 2 star being at the bottom may be better equipped to handle stagnancy.This building is on main road with a15-17k car count a year/ does provide signage is near retail and less than a 1/5 mile off a highway exit and is close to a city center.  

Obviously there's several pieces to this; seller financing, equity swap, handling the mortgage on the Waukesha property.