that way any damages are covered.I once had a pre-foreclosure on short sale contract (fell through), so I had been inside, and knew about the flooded basement and mold.  

I have been doing some JV wholesaling contracts on the side but I would actually like to work for someone or for a investment firm here locally in Tucson to understand the business better and get a full exposure in the Real Estate Investing business.

I have been doing some JV wholesaling contracts on the side but I would actually like to work for someone or for a investment firm here locally in Tucson to understand the business better and get a full exposure in the Real Estate Investing business.

I did have to pay an extension fee due to their closing date and the municipal search in that city, and the fact after we went under contract they allowed the basement to flood (finished space) and never told me until I found out myself the day prior to closing.

I'm trying to put together a basic contract/agreement.

I would really appreciate learning from all you smart people!!!

Seems like a smart move.

I have a property under contract for $300k.

Did you have a scope of work contract including schedules, milestones, and payments? 

The answer lies in the contract you signed, which none of us here have read, and with what your real estate lawyer tells you.