Due Diligence and Closing on Cash Offers

[Andrew B.]

Hi BP.  I'm buying my first investment property in 2-3 months with cash.  I've heard about 5-day closings with cash and the lack of contingencies being appealing to sellers allowing for better deals. How do you close quickly, due the proper due diligence, and avoid making a buying mistake in these situations?  Any input is appreciated.  I have four questions relating to that:

1) Outside of the home inspection contingency are there any other contingencies which protect you as the cash buyer prior to the deal being made official?

2) What is the process for ensuring you have a clean title?

3) Is it normal to order an appraisal in these cases or do you typically rely on your realtor/team to evaluate property value based on comps?

4) Finally, if you've committed to an earnest money deposit are you able to recover that deposit in the event the inspection reveals a major issue?