it’s a mom and pop deal they   literally have not raised the lot rent in 15 yearsTheir Son is selling it I was in Negotiations with them but backed out after getting your guys advice Thank you to everyone that replied  

We have been back and forth negotiating the terms and this is how it is at this point. $350k purchase price with 20% down at 5.75% APR with a 7 year balloon amortized over 20 years non recourse.

@Alex Deacon, I got my answer yesterday, and not what I was hoping for, but nevertheless, we're in negotiations on a closing price.Your meetup was great by the way!

But anyways, I wanted to ask if someone had a list of recommended contingencies to put on their offer so it is easy to get out of the deal or re-negotiate the price if the condition, income or repairs are worse than the pictures or details provided and avoid losing earnest and option $$. 

But anyways, I wanted to ask if someone had a list of recommended contingencies to put on their offer so it is easy to get out of the deal or re-negotiate the price if the condition, income or repairs are worse than the pictures or details provided and avoid losing earnest and option $$.

Once damages are calculated, that ultimately becomes a number that's negotiated down.I've had contractors fired due to drug abuse (meth), contractors that ghosted after getting paid, contractors triple moonlighting and working themselves into hospitalized exhaustion, and more.Lawsuits have negative ROI, no matter how wronged you are.

I sense that you're still in the negotiation phase. 

So now he’s negotiating with contractors paying them partially until we can get to another draw.

Colleague provides the cash, I provide the rest (deal analysis, negotiations, closing, repair planning and execution, management etc)What I’m curious to get the opinion of BP on is what’s a reasonable way to structure the split of profits?

Nothing spectacular, just a "Base Hit" We need the practice negotiating, dealing with small projects, and dealing with lenders before we start taking bigger bites with riskier deals.