Is it implied in residential contracts?

Implying is that your offer is identical to the other offers on the table just with a lower due diligence is extremely misleading to anyone subsequently reading this post. 

Former Lifestyles trainer Steve Davis has started this and has some Dallas trainings and meetings periodically.

The Bay Area Equestrian Network is a west-coast based equine version of Craigslist (super popular resource out here) and has a real estate section with active listings (or you can navigate to the listing agents' sites to see more of their properties).As @Bruce Woodruff mentioned, the money can border on obscene (basically it's the clients and/or investors that are really the ones paying for all of the fancy stuff the trainers have).

It is my view it is a rare market that 1% at high LTV implies positive cash flow.  

The former implies you got in the deal with $5k in your pocket, the latter says the house cost $5k. 

I believe he was the chief trainer at LU, before breaking off from Wamsley and starting TWA. 

Based off your implied recommendation, you are either jealous of wholesaling fees (like many agents), or you don't know how difficult it is to find a needle in a haystack.

(Code even implies a new 3 family would not need to be sprinklered) 

So, if the office is vacant the appraiser may have identified the property as being a single family once again because that was probably its original permitted use.Also, I wouldn't call this a duplex as that usually implies 2 residential units to most people.