I'm just not someone who likes to sit down to negotiate with no background knowledge of what it is we will be doing.

My question is, what would be my negotiation leverage on a home like this?

When I have my list of similar, recently rented, and still active homes in that area, we can agree upon a list price (as well as a bottom line price, for when the prospective tenant negotiates) and what are plan will be 15-30-45-60 days down the road. 

Correct me if I'm wrong, but in NY and NJ, the RE Agent typically does initial negotiation and from there both parties hire attorneys to draft the Sales Contract and handle closing. 

that depends on you and how good you are on negotiating a deal.

Passive investing is to be part of an investment team buying larger multi-family property without being the lead investor who will source, negotiate and close the deal. 

I am looking to negotiate with another investor that actual owns the property.Should I locate a realtor or Real Estate attorney to draft a sales contract ?

In the end, if you able to negotiate with the GC on warranty, that is still a choice right?

It's probably to late to negotiate a repair credit from the seller... but most good attorneys can figure out a way to kill the deal and still get your earnest money back.  

Do you have a list of questions, do you know what you are negotiating for (cash flow or equity)?