If Buyer timely terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon, Buyer and Seller shall be released of all further obligations under this Contract; however, Buyer shall be responsible for prompt payment for such inspections, for repair of damage to, and restoration of, the Property resulting from such inspections, and shall provide Seller with paid receipts for all work done on the Property (the preceding provision shall survive termination of this Contract).

Always remember to do the math analysis on your prospective properties and try to look at the subject property before you make an offer or at least have a clause in the sales contract that will allow you the time (usually about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.Find/Get a Team put together that are local, experienced in what you do and will return your phone calls promptly.  

Your post has  prompted me to look into it further. 

The old fashion technique you are on now to save and buy when you have the down payment may be the safer course and keeps you on the buy and hold track without the risks of being a flip dabbler.Your prompt highlights how these are in some ways very opposite strategies (one is get in, add value, and get out, and get paid asap... the other slow and steady buy and hold--maybe forever--letting the tenant pay down the debt, rents slowly rise, and appreciation march on )..

I get thru to an operator as quickly as possible, by going thru the prompts as if i am creating a brand new account every time I call in, that is about the quickest way I have found to to get it done, and sometimes if I need to check back with them the next day or two, I will ask them to call me back and they will, the only problem I have with that is that they call from a restricted number, and I can't identify it, so sometimes I miss the call back, but it does work.

It customizes by state and prompts you for the rules.

Hello Christian,Thank you for the prompt response!

I found a great forum topic on them that was very helpful and that is what prompted me to sign up here.

Hi Justin,Your question prompted me to join biggerpockets and post my first reply as my wife and I were just in a similar situation a few months back.

@Michael S. thank you for your prompt response.