It might be wise to have a contingency fund or plan in case costs exceed your initial estimates.Market Analysis: Ensure the rental demand in your area will support the rents you’re projecting.

Was your offer contingent on review of the leases?

I would do title search and it would be a purchase contingency.

However when I ran the contract past my attorney, he was concerned about the high $ for a non-refundable earnest and no allowable contingency for inspection. 

If you have a handle on the value of the house, can make an offer that protects you and adhere to the contingency deadlines like inspection and financing,  a buyer's agent does nothing but waste your time and cost you thousands.  

I've done exactly that for many years, and many, many times.Of critical importance (which you already understand) is to be COMPLETELY up-front and transparent about the cash offer:  "I will pay $xxx in cash, with NO contingencies" or something to that effect.  

(My commercial deals are typically 5-30 unit buildings, not multiple hundred unit complexes)Some LOI terms to includePrice, transfer taxes, concessions, contingencies, study period, closing date.

My advice is to have at least a 15% contingency reserve going into a rehab and your numbers should work out better.May your bottom line always be above the water line!

A good loan will address up front if the loan will debt service or not and have contingencies accordingly. 

Building in a contingency to your budget can help mitigate getting in over your head.2.