You lose all power and control.A larger issue, though, even if you have a contract, is what value are you really bringing to the transaction to warrant a wholesale fee if you are just finding MLS deals?  

City was charging $50 for inspection and judge rules unconstitutional without a search warrant!

With all the costs involved, a project has to be very solid to warrant them.  

If the owner holds it personally, then the income and expenses should be on the Sched E of his/her personal return, which he could give without revealing other personal data.In whatever form the owner gives you income and expense info, I would attach that info to your offer to purchase along with a stipulation that the seller warrants the accuracy and truthfulness of of those representations.

I realize that different markets warrant different amounts and so on and so forth but it doesn't seem possible to get this much in TN.

He has a warrant out for his arrest and is a wanted fugitive.

On the positive end of the spectrum, it would seem to be a great deterrent against the "habitual complainer" or for cases where the scope of the repair is easy, clearly within the capability of the tenant, and doesn't warrant an overpriced contractor.

I file failures on the 10th and warrants 1 week post trial, aka on the DOT.

In Florida, we get maybe a handful of days every year that are cold enough to warrant having a fireplace.

If you are investing in one or two houses a year, I do not feel a letter campaign is warranted.