People often include these (and right of first refusal) in real-estate transactions without really thinking about the exact mechanism.

This is why a push-a-button mechanism enables new entrants to cross the chasm in to the mainstream market faster than their predecessors can hemorrhage.

I understand the mechanics of how to do it but want some guidance regarding execution.  

I graduated last year with a degree in Mechanical Engineering and have a full time job. 

Below are a few more thoughts on pros/cons.Pros: If you're new to real estate in general, you'll learn the mechanics of RE transactions, the governing laws and the key participants and services that support a transaction.You will interact with other realtors that may help accelerate your understanding of the market values and dynamics you're working in. 

This way you’re providing value beyond just your mechanical skills and you’re keeping the relationship alive. 

How old are the mechanicals and is the sewer line in good shape.

Background: I'm new to private money as an investor and want to make sure I understand the mechanics so I can build reliable models.

[No coverage for] Water below the surface of the ground including that which exerts pressure on or flows, seeps orleaks through sidewalks, driveways, foundations, walls, basement or other floors, or though doors,windows, or any other opening in such sidewalks, driveways, foundations, walls or floors;...Wear and tear; marring; deterioration; inherent vice; latent defect; mechanical breakdown; rust; mold;wet or dry rot; contamination; smog; smoke from agricultural smudging or industrial operations; settling,cracking, shrinking, bulging, or expansion of pavements, patios, foundations, walls, floors, roofs orceilings; birds, vermin, rodents, insects or domestic animals.

I just had my final occupancy permit inspection - and FAILED because I never got the Mechanical Rough Inspection signed off.