Meeting with owners of off market 10 unit property. This will be my largest rental property and first commercial loan. What is the most important thing to get from sellers so I can properly analyze the deal? I will get financials and rent roll, so that I can come up with offer that works, but what else would be good to keep in mind? Furthermore what is a good tool to determine value for multifamily?

@Matthew Wright

Congrats and good luck!

I think the most important thing to get from the seller is trust... Kind of a funny answer but if you are able to build a relationship and get them talking about how they bought it and how they have felt owning it, then they will be more likely to tell you helpful information about the property and their situation.. i.e. that they got seller financing when they purchased(then you can ask them for it too), the property has never had the roof replaced, information about tenants, whether they have raised the rents in the past or not, etc. 

The P&L are important for valuing the property but trust is important for determining the value of the person which can give you more leverage in your negotiations.

Then you would want to figure out what your local cap rate is in your market. Price/NOI=Cap rate and NOI/ Cap rate=price.

Good luck! I wish you the best! 

@Nick Elg Thank you! Quality pointers.