A lot depends on what the contract says.Please bear in mind I am NOT your attorney and you should seek legal advice from your own attorney.

I am having trouble getting my mind around the math to see what my cap rate and IRR would be. 

i replace lockset during walkthru to start relationship with tennant with there safety in mind. i find it builds trust and shows you care about there safety

@Jackson Truong i was turned off by the lack of transparency with their motives and the mark up they were trying to make on the properties they were offering.

Hi @Yuriy Skripnichenko, Would you mind PMing the lender to me as well.

But want to have peace of mind and buy my first real investment cash.

How many hours (or days) do they spend running all over God's green earth to show houses to a buyer that can't make up their mind and then suddenly disappears and never purchases anything?

So that's something to keep in mind. 

I personally think having a good deal under contract is the best motivator for finding funding. 

And while I'm not a lawyer, I'll give you the standard lawyer response: it depends.As with most things related to an investment, you have to start with the goal in mind.