Posted by JPiper on May 20, 1999 at 14:06:43:
I would just make your offer subject to the receipt to the seller’s Schedule E no later than a particular date, and your approval thereof. Forget the partner business.
Just to state the obvious, it’s not uncommon to see a tax return where the expenses are higher, and the income is lower. Because of this, I’m not all that concerned about whether I see a Schedule E. You should have a good feel for the expenses without that particular document if you’ve done your due diligence.
What’s more important to me are contingencies regarding inspecting the existing leases and tenant applications and information, and my approval of those. These are going to tell me what I’m inheriting.