@Scott Hughes Hi Scott!
So this is going to be what sounds like an out of state investment for you, and you're nervous about not seeing it with your own eyes. To be clear one one thing from the start- you're not alone!
It really comes down to who you're working with and your 'boots on the ground'. If you trust your agent/person/team in your remote location- you should be pull the trigger ready. Why?
Deals (depending on the area) can go quickly and this makes a difference when you need/want to get an offer in for sellers to consider.
I would suggest that you to consider your agent here and how well they know you and your needs and wants in a deal. Here's what I mean;
When we work with an investor in or out of state, we have a complete investor profile we go over with them. We discuss short term goals, long term goals, how they are financing, how much they are putting down (it's all relevant - like if they are putting x amount down, and I know they then have x amount to cover each month in a mortgage payment, I'm not going to show them deals that fall short- so it's not just being nosey stuff!) why they are doing this (investing), we take SO much time and energy into getting to know our investors from the start to figure out two main things;
1. Are we a good fit to work together? If not, who can we connect them with that is?
2. Is this someone that we can see working with and making friends with at least 10 years in mind and we reverse engineer it from there to help as best as we can (i.e. if long term goal is to have a dozen buy and hold properties, lets work it in reverse from a dozen to just one deal and figure out how to financially meet the other 11 deals quicker)
After spending this much time and building a superior relationship (connecting them with PM's, contractors, real estate attorneys, lenders, etc- whatever they need) it's pull the trigger time, and when there's a deal presented, they trust it's with them and only them in mind and it's a 'fit'.
Now as for seeing the property- that's where we've gotten creative (we knew people in NY that were doing drone showings at the height of COVID outbreak) but really, at minimum having a virtual tour in agent (or wholesaler if you're working with one) taken pics /videos can help (above/diff from MLS pics/videos- different POV). If this doesn't suit you enough maybe a Zoom meeting.
I say that as you could be as curious as you wanted to be, "Hey agent Jim, what's behind that door to your left? Can you open it up?" type thing. Your 'virtual eyes'.
If you've got the right person/team, even off market deals can be in the same boat really (remember, they would have at minimum gotten you in contact with a contractor who met them at the property to walk it as well and you're getting an idea of rehab costs in real time)
As for earnest money down, usually it's 1% - and can be adjusted, but your agent should (and I'm sure they will) put in all of the necessary contingency clauses with your offer. Title/escrow isn't something you deal with/figure out as the buyer- that's between the agents.
Please be aware if you're using financing for a deal that (you likely are already aware)
1. Your lender knows (from your preapproval) that this is for a non owner occupied, out of state loan and they know the state you're working in (if not, a great place for your agent to help you get connected)
2. Your earnest money is a cashable check- it's going to be cashed, even if later returned to you for contingency clause(s) reasons
Having said that, and in hopes your agent will (again, they should as it's very standard) puts in the right contingency clauses- choose your inspection wisely. Most investors use a 4 or 5 point inspection, however if you're very uneasy a full inspection might be what you want (usually for more of a buy and hold, minimal rehab/cosmetic investor purchase)
If it comes back (and wait for full report!) that there's simply too much that needs fixed, this is where your agent goes to bat for you and 'asks for the moon' in the buyers' response to inspection, to either get the issues resolved (usually submitted with a subsequent inspection period post professional repairs and for all repair receipts to be submitted to buyer 7 days prior to closing)
This either will give sellers a chance to make repairs (not on an 'as is' obviously) or it's your opportunity to exit the transaction AND get your earnest money back.
I would suggest getting in touch with your agent about at least the possibility of a video/pic/Zoom walkthrough, asking for contractor contacts, as well as speaking with a couple of home inspectors now and tell them what you are looking for in an inspection- see what they offer in terms of investor preferred inspections (some have an investor 'menu' to choose from and offer as standard practice things that you might not even know to ask for, or assume will cost more)
Hope this helps Scott!