Best bet is to wait until tenants move out and then show it vacant.  

Our best performing 3 unit MF cost $130K in 2014 after repairs and returns $1950.  

I bet I can even guess who the property manager who let you down was...

Because investing is now popular / trendy, and this property in particular will have higher demand, I'm willing to bet that it goes for well above list price.I applaud your thinking and analysis though. 

The seller didn't end up having to perform any work, even though the electrical panel was not updated.

I wonder if there's a way to structure things so that there are monetary incentives for the PM when they keep a tenant in place long term (reducing turnover), and perform enough preventative maintenance to avoid high cost repairs that could have been prevented.

The next day we got a "showing" where we want through with our contractor and performed a quick inspection. 

I have a client that is in bankruptcy protection (ch. 11) because a lender failed to perform on a $33MM loan.Project is mixed use right on Ala Wai harbor in Honolulu.We have secured a $4MM Equity loan but because client is in such a precarious situation lender is charging high points and only giving him 2 months balloon maturity.

Hi Fellow BPers,This is a success story about helping homeowners and profiting from a non-performing note backed by a 1st mortgage in Washington, DC.

I told her of course they would say no because it triggers the due on sale clause – but they don’t have to call the mortgage and my plan was to of course tell them I was taking ownership of the property and have full plans in place to continue to make it a performing asset and then would re-finance later to get them fully paid.