The seller keeps the earnest money and there is potential for legal action.There are some weasel clauses that might make you feel a little better about not being able to find a buyer but they significantly weaken your offer.Good deals sell themselves so getting one is your first priority.

Over years of the freeze/thaw cycle any imperfections in the foundation fill with water and then when it freezes the ice expands further weakening the imperfection until a crack forms. 

Also found out that water bill is paid by landlord and it was HIGH, which would weaken this deal had I factor that in my sheet earlier...if they accept our offer, we are going to do a walk through, then inspections.Questions: What should we pay attention to at this stage and during walk through?

Cornell and Ithaca College aren't going anywhere, and the economy there has been relatively strong throughout the recession, though it's weakened a little lately.  

That way you're at least hopefully not weakening the entire chain. 

Basically what my realtor was told by the seller's agent was that they're firm on the price that was offered(my offer was implied to be the strongest) and if I put a contingency, we think that it may weaken the offer if they are worried about a low appraisal. 

But, with all the 'non-BP podcast' chatter about what is coming with automation and the weakening of the dollar (no idea if I believe or not, just like to be informed) - holding wealth in hard assets seems prudent.  

And worse, it weakens your negotiating power.Didn't Negotiate Repairs Well:  One of my two offers was for full price (well, after it was $250k). 

The chlorine in water supplies weakens it and makes it prone to cracking.

Start networking, find a handyman, shadow other investors, learn the strength and weakens of your target market, etc.