Getting first right of refusal on deals, is this legal?

[Corbett Brasington]

Being in a competitive market I am looking for ways to legally gain an advantage for BRRRR homes (that need to be fixed up), especially with on market properties. I am new to this but an idea that came to me is offering asking price contingent on inspection (but knowing that something major will be there as the homes are very distressed) which gives me an out / the ability to renegotiate.

In theory this gives me the deepest conversation first with the seller on the rehab costs, permit issues, major items etc, to be in a position to negotiate an appropriate price.

Down sides is....I would spend a lot of time and money on inspections on homes that may not close and my realtor is writing lots of contracts.

Up side...I get first right of refusal and a strategic advantage in a competitive market.

Is this approach legal?  Is it wise?  Has anyone else used something like this?