.- Properties are in good condition, just a little touch to increase their selling price.Questions ?  

Both are in totally unused condition!

There are many pitfalls to Sub2 deals, they can work in certain situations with motivated sellers and properties in any condition, but you need to understand the consequences of what you agree to.

"There are two primary choices in life: to accept conditions as they exist, or accept the responsibility for changing them."

What terms and conditions should I add to our contact to protect the interest of both parties?

I get pictures and a good idea of the condition of the property.

The other issue is ROI - you'll need quite a bit of plumbing; if you have a lot of galvanzied pipes in poor condition and low pressure you may want to consider pex anyway, at that point you could seperate the systems out.

In addition, prices are based upon a market which is always moving, imperfect (prices are not always in line with value), and has other factors not considered (such as distressed conditions of the property or the owner).

If the property is in a condition that prohibits getting bank financing, then your only other real option is private/hard money.

It has good cash flow but my question is what kind of questions do I ask the agent about the condition of the place.