Technically these are contingent liabilities - they are not guaranteed to happen but you save for them so that when they do happen you are covered financially.Example: Let's say your unit rents for 11 month of the year and rents for 1100 a month.

Also contingent upon satisfactory review of all units, leases, rental agreements, deposits, income and expenses by Purchaser within 20 days of receipt from Seller.

Proper justification is whatever is spelled out in the contract - normally contingencies for home inspection and ability to obtain a mortgage.Following that, we go through appraisal, underwriting, mortgage commitment, a final walk through and then closing.The negotiations take place in two parts of the process. 

If you're going to go the turn key route, you need to vet your turn key company well.In general, the ones to avoid are the ones that: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)Don't allow for your own independent property inspectionAre not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)Require you to pay for any renovation upfrontSell only in cheap. low end neighborhoodsDon't accurately represent the neighborhood/property classificationDon't have consistent rehab standards for all properties

I believe that the Realtor contract is too long and a lawyer will put more than you need.I use a "Skinny contract" ---- here are the elements:Settlement - use "banking days" 60-90Build in an automatic "Extension" - Seller agrees to extend this contract by 25 banking days if requested -- you will always need more time - with this clause it acts as a little insurance when you run up against a settlement date that you are not ready for.Make full disclosures - if you are going to assign your contract - make sure you state that - my contingency is that if an assignee is not found before settlement - this offer is subject to cancellation.Let the seller know that you are in this deal to make profit.You could offer a "hybrid" this is nothing more than offering the seller a percentage of overage (or profit) make sure you write it as a net - not gross.

Is the contingency actually removed? 

That said, see if you can get approved for another loan without a contingency /requirement to sell. 

They put things under contract with a loan contingency, appraisal contingency, etc.

So the deal will be $50M in exchange for the golf course with a contingency that houses will be built?

@Patrick Liska good point, I would plan to make my purchase contingent on having a tenant-buyer signed to a lease before closing.