If they balk, they don't get the job because I'm not going to eat their tax bill and I'm not playing patty-cake with the IRS.Keep smilin'Dennis

Eating at a restaurant does not mean you lost and the owner won.Buying a shirt, the same.

Cash-on-cash is your only metric here that may matter, and it's simply for comparing properties side-by-side and asking what the best use of your limited dollars is...Anyway,Your closing costs will be closer to 2% of the purchase price: $5,800 (unless the seller is covering this...if so, good job)Repair cost of $1,000 won't do anything...contractor fees will eat 50% of that...if you are renovating, you need to renovate to drive rents...$4k per unit will maybe do paint and carpet...a few fixtures. 

And somewhat close to polar opposites on the not important stuff like she loves hot sauce on everything, and I will not eat it at all.

What I think maybe he didn't realize is there's likely no need for new fancy wording and elaborate clauses referring to diligence, basically his scenario as stated seems to me to be the same cake already on his plate which he was then asking if he could eat. 

Would you feel obligated to tell him she eats Peanut Butter if he has a nut allergy?

@Albert JonesCondo HOA is an unknown - fee can jump at any time and eat up profits as can assessments. 

It's only a stepping stone to break free.While you are slaving, eat ramen, roommate up or live in trailer, avoid Starbucks and tuck every dollar you can squeeze out into a bank account. need 20% down and money for materials. so for 80K home (trashed), you will want 35K banked to get started, just a rough idea.Get a pro account on this site so you can access the PRO only blogs and avoid all the goofy stuff that can confuse you sometimes.Take NO advice from salesmen such as realtors/brokers.

Seems to me in general people are working and have a family, sleeping, eating, cleaning, maintaining a pet and a car is all a major % of their time, they don't or can't or won't spend the time needed to be expert/comfortable enough to participate in and be good at stock investing for example. 

In this case you will probably have to eat the last months rent and pay the tenant.