Commercial Property Purchase - MLO from a motivated seller?
Hi All,
My sister is renting an office space near Atlanta. 4500 sqft, 3 units. Not sure what the total current rents are. She was notified that the owner would like to sell the property to her. She's asking 410k. It's been on the market for 9 months and said she would take 350k for it. I've asked for the trailing 12 of financials to see what the rent and expenses are. I definitely don't have 20% to put down. I was wondering if a Master Lease Option would be beneficial in this scenario.
Would I still want at least 1% gross monthly rents for the purchase price?
How would you structure the MLO?
What other questions should I ask the seller?
I've only been doing residential real estate and don't know anybody in the commercial realm for guidance. Any advice would be much appreciate!