Alex, I love this question—it cuts right to the heart of why we do what we do.

Went under contract on the first!

I would check as best you can before you even contract, but also for sure once you do contract and have the documents in hand.While there are some places for $150,000, there should be relatively few of those any more, certainly in buildings that have long term potential. 

I like the one that requires payments to be deposited in an escrow account:New York state law requires that consumers receive a written contract for home-improvement work that exceeds $500.

That process has direct lender involvement.Where the challenge lies, is when unsophisticated "investors" with no experience, no money and no reserves use creative financing (often called wrap, subto, lease option, seller financing, land contract) to purchase properties and along the way there is a "hiccup".

I don't think the sellers agent does much. maybe take pictures and "review" the contract... the buyers agent is the one that shows the property and the one that draft the contract.

Unfortunately I don't buy in Milwaukee (I stick to the chicagoland area), but if you deal with wholesalers put in a clause or have an addendum they have x business days to find a buyer and resell the contract if you do sign.

Still gathering additional details, but looking to have it under contract within the month.

Every one of the owners he is under contract with will tell you to run from this builder (law suits in the works).  

If a newbie doesn't know how to do basic due diligence on an investment, they also don't know how to do due diligence on a coach or how to evaluate a coaching contract to understand exactly what the student will receive for their money.