He is essentially telling you he wants to NET $160k, so you'll need to back out of that number to add in the 5% commission, tax prorations, survey, title costs, etc.

There was no survey - lesson learned.  

And very very confused as to the order of things:  Do I pay out of pocket for an inspection, appraisal, and survey before I even own it?  

Your proposed 2% valuation doesn’t reflect any of this.A proper wholesale presentation should include all the income and expense numbers in a cash flow analysis, as well as an understanding of past and upcoming capital expenses, prevaling cap rates, rent and market survey, vacancy estimates, crime report, etc., etc.

Some cities require lead and asbestos survey prior to issuing a permit.

@Chris Talley depending on where in the flood zone it is, and if there is elevation already, you can also get a survey (I believe it is a survey, I forget 100% but my sister looked into it) that allows you to be out of the plane during the 100 year but maybe not the 500 year.

If there is an existing survey or plat use that.

The only way to know is to hire a timber cruiser to go out and survey the timber.Value of timber land depends upon how many board feet, what species of trees, the difficulty of getting the logs out, and the demand from the lumber mills.A lot of mills are shut down.

For the Lien Investors that have used LA County Auction who are also developers what is the next cause of action.Some of my lots need a Topography Survey as they are hillside.

I'm been requiring pre-screening surveys for years and never had that issue.