About to go lock up a propertie on Contract before we sign what all should I know

An income property is a little different than a single family residence. In income properties you appraise them in 3 ways: a) replacement value-land plus the cost of improvements less depreciation, b) compare price per square foot, and c) capitalization rates-net operating income divided by sales price.

You need to make your offer contingent upon your review of the leases, if any. You need to know the income and how long the tenants' lease are. You need to compare the rents to the market rent. If they are low and can be raised, you buyer will see that as a big plus.

You will need to know how much the owner has collected in deposits because you will need to mention in the offer that any rents he has will be credited to the buyer.

Sounds like a good deal.

Good luck.

this is for you both who commmented I do appreciate the info I am going to try and keep it all in mind next time some of it I did some not correctly and I was in a rush so I only prented at the aggrement of purchase on here the man was not aware of the need for a down payment I do not have any proof of funds so when he seen on the contract the oppertunity to ask for a down payment out of good faith he wanted one at first we didn't agree on that he thought i was doing something illegal so I lost the deal I explained but he wanted the down payment or nothing all of a sudden but it's well I got some exsperience and now im moving to IN of it's a whole new ball game and ill get the three people who were recommended to me the attroney , the realator, and someone else I do believe forgot but I need to get the signs, website, and phone line set up if anyone would like to walk me through the website thing a if there are no free phone lines to use to check each methods productiveness.

Buyers list first.

Buy the yellow book.

"30 days to real estate cash"

That book will walk you through the process step by step.