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. 

If eviction is necessary would you wait or can you find another property of equal or better value.The seller would handle the eviction if it were to become necessary, but it is very unlikely that they would pay you or give you any concessions for your inconvenience and extra time spent.