Note: The owner wants to sell asap to get the property off his back and has verbally agreed to our offer.

If that doesn't happen, they will interplead the funds into court where the parties can fight over them.That said, I agree with @Wayne Brooks ... if the buyer had a right to bail you'll end up losing more than the EMD on this one.

I find myself in the very rare circumstance of agreeing with him. 

I agree with your question about any building repairs, especially any major ones. 

I agree 100% with your four points.

I agree with Ned that more information is needed but just going by the 2% rule it seems it would be hard to cash flow on that property at that asking price

Some of my personal favorites are:Rich Dad, Poor Dad (Kiyosaki)Traction (Wickman)Smartcuts (Snow) I agree with Daniel's suggestions.

I agree with josh.As I research more, I have relalized that you can defer 100% taxes but only avoid 15% of the capital gain if you invest the fund in the qualified zones. 

@Timothy M WeberAs a contingency I would certainly want to look the leases in detail Look them over Good *before I agreed to the sale I also would specify that the seller is to give notice and get sIgnatures to all tenants in any and all units involved that they must vacate and the lease is not being renewed .

@Joe VilleneuveAnd I agree I certainly will let the numbers guide me, but I'd like the numbers to work in an area that I can reasonably assume will appreciate over time.