The upside if I end up keeping this property is it should be maintenance free for years with new roof, furnace, hot water tank, electrical completely re run, and plumbing.

Finding a need and filling it is only one side of the picture.

@Benjamin Molina Sacramento is getting pretty hot right now especially with the arena nearing completion, and the close vicinity to the Bay.  

I invest in the south side.

I currently live downtown Chicago and I'm originally from the west side of Michigan (near Muskegon) so I thought this location may be a good spot to dig into and get my first rental property. 

Even in this hot market, blight still exists throughout Grand Rapids for various reasons.  

What contracts should be used in order to cover both sides and certainly make your prospective lender at ease of the situation?

Especially if they're in a hot market, most won't find any value from your type of contact.

My credit is about 592 so I know I have to go the hard money way..while I'm working on that on the side l, I would like to get within a mortgage company as a loan closer, or anything that can get my feet wet.

@Jonathan West, I have no idea what Nevada purchase contracts say, but I'd happily share it with the seller's side after backing out.Costs me nothing at this point.Might save them some time, now they can disclose that up-front to future buyers and not waste time if the results are a deal-breaker for them too.Maybe I'll be working with those folks again in the future, either writing offers on another house they have listed or in some other capacity.The Real Estate Gods ensure a Karmic balance to the force, so I'll take any free Karma I can get.