That is the exact definition of the contingency.Hopefully she finds another house and you can still do this deal.

Taxes are definitely high in Texas and the Austin area market is definitely hot which makes it harder to find deals.  

I would definitely bring this guy TONS and TONS of business with the volume that I have been doing this year. 

I definitely see the possibility of Cheyenne as Laramie is a smaller market and could be limited.

I'd note that the area that you target can definitely have an impact on that profile.

There may also be environmental overlay districts, historic districts, and other considerations to zoning that you have to be aware of, so I'd definitely start with the zoning regulations,  from the zoning/planning  department

Definitely draw up a partnership agreement.

Definitely fair market value.  

A purchase price of $200K and $20K Rehab definitely fit within that max amount.  

If you are struggling with any of those subjects definitely give me a shout as to my interests in those fields have pooled me a lot of knowledge.