Walk me through this?

[Christopher Dittemore]

You just got a motivated seller on the phone... He invites you to come down and make him an offer.

You drive up check out the place and inspect it for a potential money maker.

What are you looking for to determine what will need fixing? What are the bare minimums that you always fix-up to ensure you top dollar when it comes time to sell? What about the gotchas that you've learned over the years to inspect because it cost you or a friend big money in the past?

And as a bonus question: how do you determine how much it's going to cost so you can quickly make offers, but not lose money on the deal?