I have 21 days for the financing contingency. 

Always keep money in a contingency fund...always.

Can you put contingencies in the agreement?  

I think I have gotten some great answers, and I'll post back with all the numbers as I work through the deal (I tend to run it a bunch of times/ways, and really over-analyze), but the highlights are:total out of pocket 14000 (dp+reno+10% reno contingency)  it really just needs paint and a lot of cleaning, but planning for at least one "gotcha"monthly cash flow - $595  including 12% capex (thanks @Will Gaston), 1 month vacancy, all expenses, debt pay down, actual taxes, actual insurance quote, and 10% management (even though it will be self managed)Will keep you posted.

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 propertiesIf cash flow is your goal, I highly recommend looking closely at Indianapolis and Kansas City. 

That all depends on the contingencies you have in each offer. 

It was septic and I left inspection on my contingency.

So I'm cautious about getting into contract with buyers on loan contingency because if it falls thru, I got relist on the market.

I would even add a 10% contingency as a safety margin.

Property was built in 2008 and judging from pictures it looks move-in ready.Terms:1) Appraisal and home Inspections contingencies to be removed 12 days after acceptance.2) Property to remain in backup status until all contingencies are removed.3) Seller's choice for all services: Escrow, Title, NHD, and termite4) Seller will only provide sections one of termite clearance5)  Possession to buyers no later than 3 days after close of escrow.