Advice for the closing process in Buffalo NY as an out of state investor

[Andree Hoang]

Hello, I am in the closing process for a duplex in South Buffalo. The property already has month-to-month tenants. The seller paid a structural engineer to inspect the basement and provide a report for us to review. I am also planning on asking for an estoppel certificate to verify the tenant lease terms.

Is there anything else you recommend that I consider during this process to ensure I'm doing my due diligence well? I have not ordered an appraisal yet, I'm waiting to review the structural engineer inspection report first, my attorney conditionally approved the contract.

Thanks in advance for your help!!

[Matthew Irish-Jones]

Quote from @Andree Hoang:

@Matthew Irish-Jones and as for the tenant, on the property rider it says that they have been here for at least 2-3 years each. And their rent roll combine will allow us to cash flow after gas, water, rent, and setting aside money for capex. 

It doesn't seem like security deposit was collected from one of the two tenants. Do you have any recommendations for this tenant if we should ask for security deposit on the new lease? 

 Are there mixed utilities?  Why are you paying gas?  

My suggestion is the owner get a security deposit prior to closing.  As mentioned I would be taking a hard look at leases and application process.