Losing your deposit money on AS IS purchase

[Eric C.]

I know this topic is well-discussed, however I'm having some trouble understanding the whole deposit thing.
I found a good deal where the seller wants me to pay 5k deposit and 35k after attorney review with no inspection really, i.e. AS IS.

I'm sure I can make money holding this deal if nothing else. I don't want to rush but I don't want to get cold feet either. It's a promising location, and fair deal.

Is there anyway to have at least Some kind of escape in case I need to so I don't risk losing the 40k by signing the deal? What are some techniques for backing out of an AS IS deal with your deposit?

Thank you!!!