Thank you @Adam Adams for your response.I liked your phrasing, and it totally make sense.I do the same.

I've heard the phrase "pulling permits" before but I don't know what it means exactly. 

We learned to get feedback investors who tend to like trendy areas rather than what we think is a good investment, or areas that haven't showed up on the collective radar yet.

I found this helpful:A cloud on a title in real estate vocabulary can be interpreted into the Latin phrase, caveat emptor.

I was just reading a commercial RE blog and I don't understand the following phrase: "...with the widening of the higher yield spread, we will see higher cap rates."

"Earn while you learn" is the phrase seen a lot.

You've also stated that you want relatively-turnkey (that is how I interpret the phrase "I don't want to do any major remodeling work"). 

I've never heard that phrase.

As, for assigning contracts right now, how would you phrase it to the seller to be as clear and upfront as possible that the contract may not close?

It takes less than 2 weeks to find a qualified tenant and process them through a rigorous tenant screening process.Even in situations where there will be some re-painting and some renovations, the tenants are just happy to find a secure, good apt in a safe and trendy neighborhood.When I build my Business Plans, Vacancy cost is projected to be ZERO in my investment localities.If a friend or relative invests in a different location, then I look at the asking rent versus the Fair Market Rent (FMR).If the asking Rent is approximately the same as the FMR, then, depending on the vacancy rate of the target area, I would estimate 1 month vacancy allowance.IF the asking Rent is significantly below the FMR in a highly dense locality, then there is no point on adding a vacancy of any significant value.I once had an apt with a FMR of $3k per month.