It helps to have access to many people with resources of information and my time spent as a finance and insurance broker around the country has done just that so I enjoy a good peppering of questions.

(this is the only thing we need to negotiate - EQUITY)I will send the seller a contract of sale (and a copy to you) - I always use my "Skinny Contract Offer" at a price we both agreed to -  Your job will be to get comps - look at the property - make an inspection and determine that the offer I make is at a price where we can make a reasonable equity profit.

I agree with all the other dissenters. 

Maybe agree to escrow the roof and A/C replacement funds to reduce the risk for the owner.  

Agent and I agree that a oil-to-gas conversion would pay off very quickly. 

Agreed.  

Agreed.  50k house not in an B area.  

My recommendation would be to get into the local REIA AZREIA.org they are one of the best in the country and you can learn tons and meet seem great contacts.I have looked at some of the 'flips' in scottsdale and in my opinion many of them are Subpar so if you produce a superior product than I would imagine that as long as you can find the right deal you will not have any problems.  

I agree with others that anything purchased before the closing date is not your responsibility.I did have one issue with a property I closed on where an existing resident had moved out the day before closing.

That way if a change order comes up, you both are on the same page as to how valid it is and how much should have been included in the original quote.I would agree to a per ft2 number only if they agree in the contract to finish it at that price - no surprises, no change orders, they eat anything missed.