I am majoring in finance and am hoping to become experienced in using this background to find the best deals and crunch the numbers on my investments and returns. 

Some might not be comfortable doing that, so they make sure that the document basically has "attorney approved" which an attorney would actually place their name on the contract at the bottom in fine print.

He doesn't want to provide CCRs, financials, or fix the rooftop hot water heaters which only get up to 99 degrees, not the LA city mandated 110 degrees.  

I agree with you, but I add an exponential component to my system that allows me to go to infinity with the use of that same $100k.First, I define risk (as down the bank I might add...just ask them) based on two separate pieces, and 1 concept.  

My wife got her degrees in Finance and Real Estate while working a FT job and running a business, all 3 at same time.   

Infinity cash-on-cash returns sound too good to pass up!

Because he has done this in the past he said he is very picky about the location, surrounding market ("rooftops") etc...

You're not going to like this, but that Masters degree in RE, and the "helper" in finance, isn't going to mean much in the real world of REI. 

Thomas, I liked your view on this, opportunity cost is important in finance.

The seller has not addressed these issues and presently has $60,000 in fines from the city.I have viewed the property and I have estimated the repair costs to be around $125,000 as it needs a new roof, foundation work, windows and doors throughout, ceilings replaced, kitchen, bathrooms etc etc. but the ARV based on an identical property 5 doors down selling a few months ago I estimate to be around $575,000.I spoke with the owner and they presently have a cash offer of $270k minus the fine balance at closing.