@Terrence Williams  As you mentioned, most of the specifics will come out during each individual deal, but I think you're generally asking the right questions for this kind of preliminary meeting. 

Expect quite a shock coming from Wyoming haha.

It doesn't shock me at all that you have successful flipping businesses now given the success you had selling weed.I have absolutely no doubt that I'm going to see "I went into prison with a PHD in selling pot, and came out with a Doctoral in flipping Real Estate." somewhere in the headlines of like People magazine or Huff Post in the future.

There are a shocking number of people chasing even marginal deals.You asked about how I would know it wasn't permitted. 

We explained to the seller via our broker what we were doing so did not put down earnest money or any preliminary deposit out of pocket.

I'm not shocked at the asking price, but its a big pill to swallow.

I was shocked by my PM, we worked together for 6 years.

A few weeks later though, we were shocked to see just as much water damage in the walls and ceiling after a particularly bad storm.

After these preliminary steps https://www.biggerpockets.com/forums/552/topics/562694-fl-mortgage-broker-ensure-listing-agent-presents-offer-to-seller  1. 

I think what's so interesting about your story, Andrew, is that this situation is completely normal around here and I'm entirely immune to finding this shocking, even though it should be!