Is the sponsor a good person, maybe but I know a lot of good people who I would not do many things for me. this is not giving someone a bid for admission to a fraternity, its your money and people need to understand the knowledge of the person they are giving it too.

Just make sure you get bids when getting your scope of work before buying.

Kyle Get contractors out there to bid the job...

It's also very important to know the wants/needs/position of your buying audience.I find that buyers are much more willing to get into a bidding war, and over bid on a property as opposed to paying their buyers agent.

You do realize this is exactly how contractors bid pretty much everything....and realtors work this way too.

The buyer actually bid $5K above my sale price and my agent made it sound like she let them know that if it didn't appraise they would need to make up the difference, but it was clear she did not set that expectation because they came back to negotiate it.

If you win, they want you to win and they will set you up to bid high and fail.If you are talking about online actions, those come with a 5-10 percent buyer premium and often get ghost bid up and relisted until it hits their reserve.

Inspection clause- since the bid you have for renovation is based on today's condition of the home I would add a clause that allows you to inspect the home when they move out. 

Ok this is how you do it for court house steps.. the investor provides your cashiers checks. some will charge you to use them like 250.00 or something.. if you dont win you simply bring the checks back and give them to the bank and your out 250.00 or they dont charge you at all.then when you win the bid to secure the lender you simply have the trustee's receipt name your lender as the buyer.. so he is secrured the deed comes back in his name then you simply reverse the ownership and record a mortgage..

Saving money I assume, if that's the case what does it matter if you're getting bids and going with the lowest bid or are you going with a contractor you know and trust?