It is the most common contract I have seen, or speak with an attorney and have them draw one up specifically for your needs that may be a little shorter if you are speaking with sellers directly. 

This is more common on the commercial/private money side since there are no regulations. 

This is actually very common and something you might want to look into.

Now, houses in those zips that need work are 150+ per square foot on the MLS, and even through some of the wholesalers.Duplexes/Tri/Quads are not common here, and typically in rough areas. 

The Premises or common areas may be subject to a local non-smoking ordinance.C.

In the case of unlicensed contractor, the word 'handyman' is common in the scope of home improvement independent contractors, licensed or not.I'm not even in a trade or business yet still do issue a 1099-MISC to handymen, and even my tax-preparer just in case the IRS or some other beauracracy should deem me as being in a 'trade or business' already. 

hi @Neetu Patil, that's unfortunately more common in CA these days, many companies have stopped quoting new business and/or are dropping certain types of homes.  

Common sense.

Typically, at today's prices, to keep a house in good condition long term, you probably need to reserve about $400-500 per month for things like roof, HVAC, water heaters, new flooring every 10-15 years, new kitchens and baths every 10-15 yrs, etc.And remember, if you are looking at "high cash flow" areas (also known as lower end areas) with lower end rents, a refrigerator that goes out does not care whether you are getting $500/mo in rent or $5,000/mo, so using a percentage of rent, as commonly practiced, is not a good strategy.  

What is more common is that our clients will have a back up purchase like a Delaware Statutory Trust identified to buy into if one of their purchases fails.