In my market we usually use an as-is S&P with a pre-determined (right now 7-10 days) inspection period where you can cancel for any reason. 

Per the agreement, the seller took the property off the market & rented it to them for a predetermined period of time (1 year).

As far as the max rent, you can ask whatever you want, but they will only pay up to their predetermined rental rate for that market.

All leases had the renter put up a $600 option, and then $100/month of rent is credited towards a predetermined sale price. 

Otherwise you can take the average water bill and include that amount on top of your anticipated rent and advertise that water is included in the rent up to that predetermined amount.

I'm assuming you're not using an agent on this transaction or they would be advising you on how to proceed, which his fine, only pointing out as you said this was your first investment property.Now the waiting to get estimates on these expected repairs - you need to keep in mind how many days you have in your contract to reply/as it pertains to predetermined closing date (otherwise you've essentially accepted the inspection as you've not offered a counter). 

If it does not sell they will reduce the price on a predetermined schedule.

Both sign a predetermined payment schedule before the start of the job.Will you agree to sign lien releases before I pay you?

They didn't just have a pre-determined figure, and stick to it.  

If you are leaving the water on in the property you can purchase freeze alarms that you can place in basements and crawl spaces that will alert you if the temperature drops below a pre determined temp, additionally many of these sensors can detect water so if placed near a hot water heater or water source they can alert you if there is a leak or backup.