The loan often has two components: (1) purchase and (2) renovation where the latter is usually funded through reimbursement.As an FYI, lenders usually require the property be non-owner occupied.

Now this is how I define them.

@Jacob BlakeHow do you define “dirty work”.

The option contract defines a "consideration" (money) paid to owner for the buyer's right to purchase per the terms of all the 9 items in the link I provided, including #7, the length of option time period. 

If the market softens, you have a defined rent, but if it strengthens, you can't increase rents beyond what is defined in the term.As noted, NNN is a broad classification, so you need to read all leases to understand what is covered and what isn't.  

Moreover, I'd be mindful of using and defining the word overpriced.

The deal cash flows or has a clear defined path to achieve solid cash flow4.

This looks like many things but here are some idea starters for you:- Ensuring that payments are automated for receiving rent, paying mortgage, paying utilities- Ensuring the lease version used is up to date & calendar notifications are on for renewal periods- Tenant screening process is defined and followed- Turnover process is clear and team is in place- etcIf you need a CPA suggestion, I love Samantha Kelley.

., more-so than one defined by state borders.

There is a cost component.