Answers for my market which may or may not be accurate for your market1) standard offer has 17 days to pull out for whatever reason you desire.  

However, it's best to have a long list of issues that need fixing rather than one or two, as that would pull more weight in the courtroom.

I think the charm of an historic home out weights these issues...

If you would like me to obtain a quote for replacement, please indicate your desire to pay the cost of the replacement and we will obtain bids.

Narrow down your desired home (seems like you have that done already).2.

It would depend on laws in your municipality, but if you are going to allow pets in your unit, here are a few thoughts: are you going to have a size/weight restriction, and possibly a restriction on breed type? 

I have been working with investors over the last 3 years helping them find good deals on land in desirable locations and then building a new house on it to resell.

That being said, it's a cheap and easy addition, and if you have tenants who have expressed a desire to use the back yard it will likely be a hit.

That's why I have decided to diversify my investments.I am considering purchasing a house in a highly desirable community with good schools for $300-330k.

For me I’ve found the lower cost to entry to be more desirable in the residential market.