They must exercise reasonable care and diligence and maintain the confidentiality of clients.

Prudent—Wise in handling practical matters; exercising good judgment of common sense.

I mean ever.Yes or no, not maybes.The letter of intent basically says,Name of owners, property name, today's date, name of prospective purchaser, name of purchaser's company, intention to purchase on these terms as a principal.Purchase priceif lease with option, market rent, 12 month term with extensions, exercise price, etc.If subject to, purchase price, date of possession, date first payment, date of walk through, etc.If wraparound mortgage AITD, purchase price, note payment, interest rate, etc.

Then to keep the idiot seller and his attorney out of the picture we were able to purchase the note and trust deed and exercise the option.

I lease optioned it to a nice couple they paid cash to put up a pole barn.. what do they do they go out and buy a back hoe ( case 580)  brand new and now when the time to exercise their option came their DTI was blown and well they had to move.. and I got a free 20k pole barn.. no you cant coach this.. .. 

You cannot exercise the 30% federal tax credit on rental units. 

Because that just means you'll have to do the numbers more diligently and exercise your negotiation/persuasion skills.

Assuming a property is intended as a long term hold you need to distinguish between two categorizes;Immediate Repairs - Broken and needs to be fixed as part of purchase, setting its age to 0yFull & Lapsed life time - Will need to be replaced at some pointAssuming you do not want to have a 'cash call' (as this will reduce your overall long term returns), for each item on a CAPEX list you need to go through the exercise of figuring out where it is in its life cycle and how much it will cost to replace / do.

so it's still a valuable exercise to see if some limited PV can be put on the property.   

I know this is a difficult exercise given the limited amount of information on the listing, but I believe  it is still beneficial to newbies like me.