If I had all the time in the world to send offers to people, I could devote my life to this - but I have way too many other irons in the fire right now.

No ground wire, galvanized fresh water and cast iron sewer.

I would negotiate the deal first and then proceed with the contract once the price is ironed out.

Ironically, because I was patient in my purchasing, one of those 5 sucky deals turned into my most profitable ever despite the rehab cost overruns.  

It could still be a great deal for you, but there are a few more wrinkles to iron out. 

I have a plethora of irons in the fire and it is tough to find time to actively manage the site.  

We are still ironing out the fine details.

Ironically, we've done some large deals in your area (north Dallas) and w/value add apts still finding opportunities where I understand the SFRs are very difficult.  

Currently not livable because HVAC and plumbing are not in working order. 59,900 List Price90,000 Realtor Provided ARV37,500 our cash offer (no lending because it's not liveable)40-45k - Repair estimate (roof+double layer removal, foundation and sump pump, asbestos siding removal/replacement, HVAC replacement including about 40% of ductwork, electrical panel replacement, plumbing updated from cast iron, complete kitchen and bath, chimney removal, 1100 sq ft flooring, all interior doors and hardware, single garage door, windows and 5 exterior doors, yard drainage issues and tree removal, drywall repair and other finishes, possible mold remediation)$345 Expenses (excluding mortgage) $950 Monthly Rent 

You are now in a position where you have two potential parties to sue you, negative equity position in an arm loan, and no tenant.Is the deal worth those risks or do you have an iron clad way to prevent the risks mentioned?