What we do is read the market and advise our clients on what we think will win the bid if there are multiple offers.To answer the OP, if there are no other offers on the table, I would suggest the DD and EMD be about 1% of the price. 

The stress of trying to acquire right now may end up causing you to make even bigger mistakes down stream as your focus was getting to the closing table and not worrying about beyond that moment.

Update:I massaged the numbers with USAA and by maxing the deductible ($10k) I was able to fall within my estimates for this property.

So while getting things in writing is nice from HML it wont protect you at the closing table.

I like time with my kids and I work to live and not the other way around.2) I still have to put food on the table and have health insurance which means keeping a W2 job. 

There's real costs as a LL to host these guys, if you have a nice facility with picnic tables, etc.

BFH, sawzall, portable table saw, 12" compound sliding chop saw. wet tile saw, multiple drills, pry bars, portable compressor, Every imaginable small hand tool.

As @Mike Dymski said, the deals that Nighthawk brings to the table are brought by students of his.

I am not in a hurry.These are the options on the table right now:1) Buy a duplex or four-flex - would probably be out of state, and need to get a property manager2) DST investments3) Syndication investmentsFriends who already have investments are advising #1 may not be worth the trouble since I'm not looking to invest a lot of time managing.

Even with those, you would have to bring a minimum of $20k-$30k to the table to pay for the down payment and closing costs.