@Zachary Scott IMO, I believe this could be pretty subjective but I think it would depend on your comfort level and risk avoidance regarding certain things, e.g. rancher on a waterfront lagoon in terms of flooding issues, age of the home and potential termite issues resulting in structural damage, roof condition and what could be underneath of it from leaks.

Find a property that's in good condition and makes sense and go for it!

GA & VA are both large states with a range of market conditions.

Properties are in great condition with stabilized occupancy and are located in “B” class area. 

Seller agrees but with a condition - 50% off original commission.

Adjust for current condition.

Or do I have to let that fall under the security deposit forfeiture conditions?

Is this unit in top market rate condition? 

As to terms and conditions, you'll negotiate the various conditions you normally would with a seller, such as earnest money amount, closing dates, due diligence dates and any other special conditions.Most real estate attorney have addendums to standard P&S contracts, namely, the contract is not assignable, and is the first item on their addendum, otherwise standard contracts is assignable by default.

But nonetheless, its your insurance company's job to go after the neighbor's insurance, or the associations, etc. to return your unit to its pre-loss condition.