Probate sale of income property
I have several questions regarding probate process for small multifamily (4-plex in this case) that is listed with an agent. The property is in Los Angeles, is over 100 yrs old and has 60+ yrs of deferred maintenance, is fully occupied, and is subject to rent control. With my assumptions on the current rents being collected and me needing to finance the property, I would have to offer below asking price to make the numbers work with current tenants in place. The plan is to fully upgrade the units as the tenants move out and raise the rents to market level or find the way how to turn them with cash for keys or some other ways.
1) Are there any legal obstacles why the offer below asking price could not be accepted?
2) When typically can I get access to the information to complete my due diligence (rent roll, etc.)
3) What are typical contingencies that probate sales do not accept in compare with regular sales.
I appreciate all input.