Newbie with 1st off-market deal. Need guidance locking it down.

[Robert Ortiz]

Hi BP Pros and Rookies,

I'm a newbie out-of-state investor looking for some guidance regarding the steps to close out an off-market deal in Kansas City, MO.  I feel like the proverbial dog who caught the car.  Any advice or guidance is greatly appreciated!  

Basic summary, I'm securing an off-market deal on a SFH that has a 10+ year tenant (on a month-to-month lease) who is paying well under market rent. House is $40k (cash sale). Estimating $15-$20k in repairs. ARV is $100k-115k. Earnest money deposit is $2k to be sent to a title company seller identified. $352 in 2020 back taxes is delinquent. I was assured that the taxes are being taken care of asap.

1. I prepared a draft purchase agreement that includes the following sections: property info, sales price, closing info and earnest money deposit, home inspection contingency, prorations of taxes and rent, risk of loss for damage during sale, possession when title transfers, closing contingent on clear title and no unpaid taxes or utilities, property sold "as-is," and transfer of rental documents and security deposit.  

2. I also prepared a tenant estoppel certificate. 

3. I'm reaching out to a home inspector to get an inspection done asap. 

Any advice or glaring issues that you see? Am I missing something major for this transaction? Thanks!

Robert