That thread can be found here for those interested in reading along: http://www.biggerpockets.com/forums/30/topics/45339-first-lonnie-deal-on-the-right-track-I have received a huge amount of support from people who are testing the waters with their toe but have yet to jump in for fear of the un-known.

Budget for expenses, there are always unknown things that pop up.

Two questions:1) Do you simply estimate the age of unknown items?

I'm looking at a property in Fort Myers FL and the county Property Appraiser data shows the owner as "Unknown Heirs of ..." 

There are a LOT of unknowns still on what needs to be done with it.

@Drew McLaren In defense of @Brian Adams, why a seller would choose to sell a property is many times unknown and unknowable.

and can give you actual advice from experience rather than fear of the unknown.  

Don't give up the current income to dive into the unknown.

Account ClosedTwo questions:1) Would you consider a cost plus fee contract if the scope of the project is unknown, contractor adding a percentage as a mark up to the project cost?

I will negotiate a contract and take you through closing for 6 percent unless there are comprehensive and unplanned negotiations regarding; major repairs which are unknown at this time, hidden title/easement complications, water and sewer repairs or negotiations etc. in the case of extensive negotiations and or repairs, the commission will escalate to 8 percent.