Too many sellers get burned by people coming back and wanting to crack the contract open and want a concession over something they saw in the basement (while supposedly "just checking the measurements on the upstairs bedroom").So you can go in no inspection then try and call to schedule one, only to find out that if you step foot on the property you are trespassing.Just my 2 cents

Yes, a win for them if the deal goes well, a loss for them if the deal crashes and burns even if no fault of their own. 

Either way, watch the cycle and make a 10 year plan or you can burned either way by a downturn.

Although I'm not afraid of taking risks (I do run into burning buildings, after all), they're usually taken with a lot of education, experience, and forethought.I do have a friend in the fire department who has been successful with wholesaling, flipping, and I believe rentals, too, in the Baltimore region. 

I'd burn the place to the foundation 

Separate issue though...unless there a way to argue with the lender that flood insurance is not needed...fat chance i assume.Any thoughts? 

Know we have both been burned by someone not valuing the other?

In the event I'm a big fat failure they can foreclose by doing an SPE (Special Purpose Entity) Transfer of the LLC in which they become the managing owner and it doesn't affect me personally.

@Matthew Burns It's so awesome that you're wanting to start so young!

Probably their duty to hold the last months rent as it “has not been earned” at this point.....your duplex could burn down, flood, etc and not be habitable.Good luck having no tenants, let alone college kids, not smoke pot.