Verify!!!

(5)  Do you have a Due Diligence period where you get to verify the status of ownership and the property itself, and if there's a problem, do you have the opportunity to withdraw from the deal? 

Verify all your numbers but if they are willing to sell it just for what they owe that sounds like a fantastic deal that I'd jump on as soon as I verify there is nothing fishy going on, it almost seems too good to be true.

On my first multi-family deal I didn't walk the property prior to the closing and when I got the keys to the property after closing I realized a few things weren't done the seller had agreed to do that were listed in the final contract.A few things weren't done: windows were supposed to be caulked, the front hand rail was supposed to be secured so it didn't wobble, the two vacant rentals were not broom ready and were a gross mess, etc.I was ignorant to the fact that I needed to verify repairs were completed properly prior to closing.

I ended up buying a piece of property a few months after I graduated down here in Connecticut, and while most people will tell you that you need 2 years of verifiable income, this requirement can be waived if you can prove that you have been a student and that you have a job offer.The truth is you will definitely need some verifiable income beyond what the rental property would generate.

An inspector actually came to her house to spot check and verify. 

I would also have to verify the thoroughness of the building inspector.

I am self-employed and also work in the restaurant world, which gives me plenty of disposable income and cash flow, however, it cannot be verified for long term as I just started my business this year and I move around often changing restaurant jobs.

I only count verifiable income and their most recent w2 and paystub should show this. 

In addition, I strongly recommend that you verify all licenses and Insurance Policies. 1.