If its a competitive situation and you wanted to submit an offer with a sub 20% chance of winning I would submit a verbal offer, I would not waste my time writing up a contract. 

@Kyle AltenauYes dealing with the land bank is a waste of time and yes they are corrupt

Proformas are just estimates, if it's the brokers proforma or the sellers, I'd cut that down quite a bit

I’ve been wasting money paying minimums on everything while I sort this out.

How long will your spouse allow you to waste money pursuing your dreams?

What if a horse gets wire cut, or bitten by another horse, what if the veterinarian bill will be $10K what are you supposed to do? 

Why would you cut yourself off from a large segment of people.

Changing the tractor's oil in the driveway was another favorite: keeps the dust down in the summer.The developer risk is if that solid ever gets tested (phase one or phase two environmental study) you may have to dispose of it as toxic waste, which is super expensive.

So we think flood insurance on this one is a wasted expense each year, and can go away when we are no longer tied to bank financing.Screening and vetting: As with every property, vetting good tenants is essential to success.

Most likely once you cut open a hole in your sheetrock you will se the 2x4 wall framing, and more sheetrock, which should be doubled 5/8" fire rated sheet rock.