If you are buying an income producing property as an investment, it is important to get a copy of the leases the current owner has with any tenants. You are going to want to read through the lease to determine what the responsibilities of the owner is vs. the responsibility of the tenant, rent schedules, rent increases, etc. Then, I would seek to confirm expense costs and responsibilities. You should also request title reports, property surveys, property records, and violation notices.
You should certainly require the seller to give you a due diligence period, as you could be buying a property with a myriad of issues unbeknownst to you. The due diligence period is for the protection of the buyer and to ensure that they are buying exactly what they believe that they are buying.
Bottom line, don't sign a contract waiving your right to exact a period of due diligence.
Dec 20, 2016