Nothing I'm aware of bars attorneys from drafting, reviewing, and advising on promissory notes, but loans used for household purposes typically now require it to be finalized through a licensed broker with specific disclosures.

The typical option period is 10 days, which is short enough.If there are similar comps in the neighborhood that are in better condition, bigger, etc., you can certainly use that as a bargaining chip to get a lower price. 

Given that fractured condos typically sell at cap rates above apartments, 9% sounds about right. 

I'm not sure of the custom in your market, but here in Baltimore we typically only use a specific "appraisal contingency" for cash deals.  

So they are typically going to want to max that out unless their is a pressing urgency in the family to sell. 

Is this an area that is typically appreciating?

I would.I would also review the Auction.bomb terms carefully as they typically will offer to pay for certain things only if you use their vendor.

Paul,You typically pay 1 full year of home owners upfront (to the insurance company) than on top of that you will escrow between 3 to 5 months of taxes and insurance upfront.You mentioned flood insurance as well so first year  would need to be paid in full prior to closing to provide evidence the insurance has been bound.

I am retired military and I know the American Legion and VFW is typically quick to help veterans.

Local banks are usually more flexible, but they typically have higher rates and fees.