Putting in my first offers...am I missing anything vital?

[Sean Price]

So I have been analyzing deals and studying for the last two years.  I am finally pulling the trigger.  Yes, it has taken way too long....but cant do anything about that now....so here we go!

I have found 3 properties that I would like to place an offer on and I have a few questions to make sure I don't make any mistakes:

1.  Do I send the offer on an actual real estate contract (I am in Florida) or is there a shorter letter  of intent that I can send the offer on?

2.  I need to have escape clauses for:  financing and inspection.  Financing because while I have the money to put down and possibly pay the entire price in cash, I would like to save as much of that money for operating expenses as possible and inspection because if they take the offer I am going to want to take a contractor with me on my first few to make sure that I am not making any mistakes.

3.  So in summary, my questions are:  1.  Full contract or a shorter form for the offer.  2. How do I word the escape clauses for inspection (not necessarily a home inspection, but thorough look over) and financing.

Thank you in advance.

[Corina Eufinger]

"Offer is pending buyer getting approved for and accepting financial terms outlined by a financial institution. "

Offer pending home inspection or through inspection by a licensed contractor to cover (but not limited to) plumbing, foundation, roof, structure, hvac, appliances, etc.  If results of said inspection reveal (A) additional large items of repair or maintenance needed without prior knowledge by buyer or (b) additional repairs where estimates add up to 1% of the sale price; the buyer may renegotiate the terms or rescind offer." 

I like to include another clause of "pending business partner approval".  An added out if it is required to exit the deal.  Just like Robert Kiyosaki says "No one has to know my business partner is my cat."