Ways to verify Rental Income--buying a MultiUnit

[Travis Rasmussen]

Hi All!

I am buying my first Multi-Unit, super excited. One thing I am trying to figure out though is how to properly verify all the tenants are actually...

1. Paying

2. Paying on time

What things should I be asking for from the Seller? Also, any other tips from the experts?

[Bjorn Ahlblad]

You should ask for and get: Rent roll, leases, statement of income and expenses-last 3 years min-bank statements as mentioned above, list of security deposits for closing, and do a professional inspection.

Would not hurt to verify taxes are UTD and no liens registered.