Due diligence -- tenant occupied fourplex

[Brandon Payne]

I am searching for a 2-4 unit to move into as my first purchase. I found a fourplex for sale that is currently tenant occupied. So far I've only looked at vacant properties.

How does buying a tenant occupied residence change my due diligence activities? 

Should I ask the owner for copies of the leases of the current tenants?

They listed a yearly GOI and expenses, but I'd like to know how they calculated that and should ask.

What information would you want when buying a tenant occupied building? Do you have any other pointers about how a tenant occupied purchase would change the normal flow of buying a property?

And it seems odd to say "normal" as I haven't bought a property yet. 

[Tim Herman]

@Brandon Payne If it is professionally managed ask for T-12. Trailing 12 months income and expenses. One of the units needs to be month to month, Leases go to the new buyer. Until an offer is made I wouldn't allow you to see the leases. Also if you get it under contract get an estoppel certificate signed by the seller and tenants, It will list all terms that the tenant and landlord have agreed, even if verbally. You can also ask for schedule E for the past 3 years.