Offer structure on potential rehab.

[Lee S.]

I'm walking through my first potential rehab property tomorrow with a contractor.  If the numbers fit, I'm not sure how I can structure the contract so I'm not out a bunch of money If I'm unable to secure enough funding.  I do have 60% of the asking price in cash myself, will need to find the rest.  I plan to offer no where near asking, price is significantly over priced and it's not fanciable due to it's condition.

I need to be able to put it under contract so I can then take the contract to lenders and/or a few potential private investors without costing myself thousands if I can't figure out an avenue to get it done.  This is in California so it's not a 10k house!  Any help/ideas would be appreciated.  Thanks.