No matter what you should always have a contingency plan....soooooo, can you close if you have to?

Charge you for a long contract of sale with contingencies in itConfuse the dealYou may want to consult with someone smarter than a lawyer - like an experienced investorIf lawyers were so smart, they'd be investors!

Make sure the contract protects your earnest money deposit with things like loan contingencies, appraisal contingencies, etc, and that escrow isn't with his Cousin Billy or something, but a legit firm.

You cant remove a contingency on this wihout full disclosure...IMO.

@Daniel Holtz That cash-flow for sure looks tempting but let me just give you a few considerations.1) Contingency Plan - Hypothetically let's say we have a nasty recession next year just as you finish the rehab.

I think it depends heavily on your seller's situation.Cash offer to a seller not in a hurry with financing contingent offers in play? 

Agent came back with multiple offers present so best and highest, no contingencies,  and "A longer, flexible acceptance period will go a long way".  

As soon as you own the property you have the right to inspect but there is no way you should ever buy site unseen.If the property is a good deal put in a conditional offer contingent on you having access to do a complete inspection and the right to back out of the deal without cause.

I offered her a one-week close, no inspection contingencies, no loan contingencies, "AS-IS", no closing costs, no fees, no games.

I use the LOC to make the offer, which makes it stronger than a offer with a contingent on loan qualification, and just buy it with the LOC.