Made an offer on a fourplex that I found on craigslist. I saw the units tonight and the guy is quite motivated.
He owes 212k on a 400k building. He has five of these fourplexes.
I offered a 5% down payment with a carry back for the difference of what he owes. I will bring in new financing since he has an ARM. The terms are good for me, so if he accepts it will break even assuming all costs (including management!)