However, he understated the repairs and gave me an overpriced bid.

First, a condo is (probably) a corporation, run as a corporation, under state and local law.

Many wholesalers have no idea what they are doing because they are newbies or are simply looking to maximize their profit so they understate repairs and overstate values in many instances.

That's "pretend" for what the seller wishes it was really doing.Expenses are understated and NOI is over stated.

They will, in 99.9% of listings I have seen, understate true expenses to get to their claimed cap rate.

Expenses are WAAAAYYYY understated.

The excuse of bad management is convenient, but not neccessarily the whole truth.(2) - Assumed expenses may be grossly understated.

You might also insert the word, "Tenant" in front, just to be clear, but I don't include it in my lease because it is already state law.It really can't be understated: Know your state's LL/Tenant laws.

To lie to your materail supplier would be credit fraud under state law!

I also have this clause: The acceptance by Landlord of partial payments of rent due shall not, under any circumstances, constitute a waiver of Landlord, nor affect any notice or legal proceeding in unlawful detainer theretofore given or commenced under state law.