Make sure there is an "inspection contingency" in the sales agreement.Due DiligenceThere are two aspects of due diligence which you need to be mindful of: how much will it cost to rehab the property and how much can you sell the property for once it's back on the market.

What are the typical contingencies that can be added in the form of addendum in a typical REO property? 

I blew through all the contingencies and spent 20k on top of the max budget I was supposed to spend.

You can utilize a 1-2 page, non-binding letter of intent that specifies the key negotiation points (location, price, dates, contingencies) and specifies the contractual form to be used (likely the C.A.R.

Just make sure you have a couple of contingencies in the contract so that you can back out if you find anything major during the inspection.As you gain more experience, you'll become better at estimating the costs yourself.

-Your inspection Contingency will be for 7-10 days....your time to back out if you can’t find a buyer-The MLS is the Retail market for houses......car wholesalers don’t buy off of retail car lots

But the introduction can not be contingent on the introduced investor actually investing, nor can it be tied to how much they invest.

I made an offer of 90k with the inspection contingency waived, he countered back at 95k and I quickly accepted.

A mentor of mine had good advice -- offer a % per day bonus (of the total contractor amount) for every day they finish early, and on the flip side, a % discount for every day they are late (barring any major unexpected contingencies or scope).

Something like "contingent on investment partner's approval" or try to put a 20-30 day inspection contingency.