I love the idea of fix & flip right now @Abigail King, especially right now here in Chicago and I am sure it is similar for you in central Illinois -- it's winter so there are way less buyers and if you can get under contract soon you can likely rehab over the winter months and hit the spring market!   

Investment Info:Single-family residence fix & flip investment.

The key is to understand the capital stack, who is in line in front of you and what are their terms.The people who are getting burned may have known there was debt in front of them, but did they know it was short term or variable - did they know all the details to make a good judgment on the investment.If a property had 20 year fixed debt at 70% would you take that over 3 year debt on a variable rate at 50%? 

Then your strategy of offer full price and then negotiate down / what if they say we will fix the repairs then you would be forced to close and lose your EMDNot sure where you came up with this but many will view components of this as unethical and why investors get a bad rap from politicians

Did the POA confirm the interest rate, loan amount?

Sometimes they find a renter that will sign a lease for a high amount only for the renter to default leaving the owner eating the vacancy. 

If you do, figure how many of these things you’d really fix, what that would cost, and how much of that you’re willing to cover.

I haven't reviewed the Standard Lease Agreement yet, but all I need is the right to sublet, and possibly some negotiated capital responsibilities (owner pays for repairs over a certain amount or split responsibilities on certain expenses).

Inflation will cause rent to go up and if your debt against the property is based on fix rate, your odds will only get better.

Breezeway allows us to easily organize all photos by room and generate a downloadable document for reference.Once a tenant moves out, we follow the same process to document the property's condition and determine if any amount needs to be withheld from the security deposit.Additionally, we require new tenants to complete and return a move-in inspection document within 3 days of moving in.