Is there a contract to put in place to protect myself as I proceed to look and take down these properties that fit his criteria?

I would probably put in a bid rather than have him call me.Good Luck.Bill

And also, if it's not, would it be rude of me to ask that something be put in the contract that if something happens to Bobby and me where lJ did not pay for a couple of months after that,[ being too upset to think straight] that there is a certain amount of time for one of his siblings to help him catch -up rather than have the house yanked away.

@Chad Skiles as @Tucker Merrihew said, put in the highest offer you are comfortable paying and see what happens.

You put in 50% of gross income for expenses, then put in what you desired per door for cash flow.

Purchased my 3rd rental property in Indiana and got it leased up yesterday.The numbersPurchase price $42000Capital put in to rent- $2000ARV $50k30 yr fixed at 5.25Rent $745Principal Interest 162.3550 percent rule $372.5NOI- $210.15 net per monthArea is an ok area. working class.Opinions?

Majority of the time the overage is put in place to offset the discount that maybe forth coming but all it does is increase the delivered discount making the whole thing relative pointless except as to devalue what might have been a decent asset otherwise.

Supporting beams were put in place and the home is really coming together now!

It didn't have ANY ceiling insulation, so a little over a year ago, we put in blow-in insulation and our tenants said it definitely helped.

Using this formula I calculated my father bought the home for 68,500, which I understand would be my basis.It’s now worth about 940,000.As for improvements, the house has new roofing, bay windows, marble entryway, new fence, new pool heater, sprinkler system, satellite dish, security system, and I’ll put in new flooring.