Again, more work for you, the landlord, if something goes wrong.

Wrong.

Most evictions can be avoided by just not renting to the wrong people.

@Bethany Young, I am going to echo others sentiment: the price implies a crappy area (maybe I am wrong) OR a MAJOR renovation.  

It's hard to find a home or an investment that is less than or close to $100 a square foot anywhere in the country so the more I write about this, the more I am taking myself into this...9 million visitors cannot be wrong.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Foundation/structural engineer determined a water downspout on one side of the house caused the soil erosion. 

I would think 10% is lower than normal, but could be wrong.

Assuming  this revenue ruling still stands, it mirrors the SC situation nicely, meaning it would support your acquisition date of the real property not starting until you have taken possession.I think this would be highly dependent on the terms of the local jurisdiction as well, so what might be correct in one jurisdiction, could be completely wrong in another depending on the rights acquired related to the property.But happy to be pointed where I am wrong!

It IS a mastery level of contracts to do it correctly, lot's of ways to do it wrong, very few on doing it correctly so it's a win-win-win.