Iron clad with all contingencies including outs and termination of partnership language.

If it has cast iron waste and galvanized supply lines, I would add 3% more for reserves (3%*gross rent plus normal reserves). 

The property has been neglected by the owner and one building is completely down, so this is ironic but he's offering seller financing and wants to protect his debt risk. 

I'm hoping that at the very least, my one marketable skill (flying) will add some value to his endeavors as well to compensate for my complete lack of relevant experience in this realm.It's ironic I have a friend with a couple of wood-based businesses in Monmouth who was interested in timberland investing like Jay describes on his show.  

Ironically enough my problem is not so much finding potential deals but securing a good GC quickly to give me an estimate of costs.

. $200k home that rented for almost $2k/month (I still own it ironically).

Also, does anyone have a iron-clad lease?

Is that a old style cast iron radiator against the far wall under the window?? 

Ironically, I started my investment career buying 4 of them, had great success the first 3 yrs since I bought at a deep discount to the market, had 100% occupancy and they cash flowed only because to get the deep discount had to go all cash.  

The bottom line is that if you are able to work with a friend to get your scope of work ironed out before you start, you may be able to negotiate better pricing by showing the contractor that you can keep the job moving quickly.