There is about $50,000 in repairs that need to be done but he is including a $50,000 "gift certificate" to cover those repairs, which is pretty sweet.I definately know I can make a profit fromt his home when I put a buyer in it, but how can I convince him to go down below $1M?

Can someone define OTA?

I just know that from experience it gets messy really quick if things aren't clearly defined on paper. 

Once a property is under contract have it inspected to determine the current condition and life expectancy of all major components and appliances.  

In my research, I have also found that there are a lot of different components to it.

One major component is how we rank our basic needs (after air, food, water, shelter, etc). 

Also define is you are looking multifamily, flip, BRRRR, etc.

When you make your pre-offer inspection you might see something obvious during that which makes that decision obvious and its age can give you some concerns about reusing the major components that gives you some concern about that which means you will have to remove sheetrock to repair that. 

If you put it under contract have it inspected to determine the current condition and life expectancy of all major components and appliances.  

At the bottom of the cost breakdown page there are General Components; Permits, Termites, Mold, and Miscellaneous.