Machine is broken, can I do contingency work, fix it or borrow another machine.

My advice to anyone buying turnkey from anyone is to insist that your closing is contingent upon a paying tenant being in the property.

You probably need 10% for a down payment plus closing costs which could be another $10-20k.You can put in an offer contingent on selling your own property. 

As for an offer, start with your ARV and subtract out your renovation costs, financing costs, a reserve amount for contingencies, any profit margin if you plan on flipping it, closing costs for both the buy and sell sides, and soft costs for the permitting, etc.

This means building contingencies for vacancy, repairs, insurance increases.

I have a 15% contingency on a 1,140,000 budget we are actually at 196/sqft.

Some things I advise folks having seen partnerships go south - Get really clear not just on who does what but contingency plans.

Research comparable properties in the area to gauge pricing, rental rates, vacancy rates, and demand.Property Insurance: Obtain quotes for property insurance to understand the potential costs and coverage options.Survey: Consider getting a property survey to confirm boundaries, easements, and encroachments.Due Diligence Contingencies: Include due diligence contingencies in your purchase agreement to allow time for inspections, assessments, and resolution of any issues uncovered during the process.Risk Assessment: Identify and assess potential risks associated with the property, such as market volatility, tenant turnover, maintenance costs, or regulatory changes.Exit Strategy: Develop a contingency plan or exit strategy in case the investment doesn't meet your expectations or unforeseen circumstances arise.By thoroughly conducting due diligence, you can minimize risks and make an informed decision about purchasing the property.

You should always be contingent upon a 7-10 day inspection period.  

During or before inspection contingency, it'll be beneficial to ask for the current tenant's information.