Buying unfinshed project from Investor

[W. Alex Benitez]

Hello fellow BP members....

In driving around this weekend I found a multi-family property which is being rehabbed.  I called the number listed on the lawn sign and met with the investor.  He guided me through the property which is 80% and still needs the kitchen, front deck and some other items.  

I would like to make an offer on this before he lists it with his agent.  However, without the project being completed, what would the appropriate "next steps" be?  I plan to contact him and see if he has a list of materials (cabinets, appliances, counter tops, etc..) he plans to use for the remainder of the project.  In doing so, it would allow me to gauge what to estimate in my offer.

Tips and comments appreciated....

PS...are there any clauses I can add to my contract to "CMA" such as making sure he pays his contractors so they do place a mechanics lien on property?

[Mindy Jensen]

Ahh, thanks for the clarification. I didn't understand that from the initial post.

His agent wants to list at 425, and he said 350? Those numbers are vastly different, and flippers don't get into the business to give away the house or walk away from the profits. Listing at 425 and paying a 6% commission is still way more than 350. Something doesn't add up. Can you give more details please?

Still go with the advice about the lien waivers and proper permits.