On the other hand many people don't want to do the extensive DD or don't know where to start in which case the diversification is important.

Downtown Tampa is not a major residential area, and downtown St Pete is already built out and booming.For a major metropolitan area, Tampa Bay is decades behind San Francisco, Seattle, and other seaport cities when it comes to mass transit, and we are a culture of car-commuters.Having lived in the San Francisco Bay area (with extensive ferry service as well as numerous other excellent mass transit options) as well as the Tampa Bay area - one immediate problem I see here in Tampa Bay is the lack of transportation options once you get off the ferry (at $10 one-way) - riders will essentially be limited to walking around the two downtown areas, or taking a taxi/uber to get elsewhere - most would rather drive. 

Due diligence, inspections, financing, extension periods, renegotiating base on new information you discover, etc.this will lock up the property for you and the seller will need to get you the financials and any other inspections/paperwork you may need or that they may have (ie: lead base paint, phase 1, any ongoing warranties or contracts etc) As you get more and more info you can then adjust your offer price.For example you always plan for vacancyAlso, What was  the seller basing gross income upon.

I discovered BP after doing extensive research while creating my business plan.I am a knowledge-seeker in hopes of gaining as much information about real estate investing as I can.

Be prepared and give them lists of the work and really enjoy the walk through, describing how extensive the renovations were to paint the right picture. 

BROKERAGE FEE:Optionor agrees to pay a brokerage fee of $_____________, or ______% of the selling price, IF:8.1 This option is exercised;8.2 Within one year after expiration of option period and any extension or renewal, Optionor enters intoan agreement to option, sell, lease or exchange with Optionee, or their assigns or successors; or8.3 Optionor wrongfully prevents the exercise of this option;8.4 Payable to Broker(s) _____________________________________________________________________9.

The guest talks extensively about how she does her direct mail in the LA and OC areas.

If you don't have a clear, plainly worded commitment from the lender itself (not the broker) by the commitment date, get an extension or kill deal.  

The workshop of the mind and the extension of the hands.  

This cost, in many cases, if extensive will help the owner reach the conclusion the property is indeed a tear down.