We have multiple agents locating deals for us.Budget: We plan on spending $85.00 per square foot which is a little on the higher side due to the premium upgrades that we plan on using.

There was a buyer's premium of $3555.00 (4.5% PP) and a $299 technology fee as well.  

I was given the Real Estate Guides  Dictionary of Real Estate Terms 6th Edition,  which is something that helped me when I first started out. 

http://www.bizjournals.com/sanfrancisco/print-edition/2013/05/17/san-francisco-rental-construction-soars.html

Dallas is a hot market and with Texas having the fastest lethal injection for foreclosures, expect to pay a premium.  

Here is a picture (I edited some info out for confidentiality).

Plenty of variables in there (like rate), but I don't see the advantage other than shifting the repair cost burden, unless you're gonna charge 10% interest or something, but unless you're going after crappy buyers, your O/F premium over market rates is prob only about 2%.

If you are comfortable with editing the language or providing the proper language, then you probably don't need an attorney. 

Seller is hoping for less experienced investors to pay a premium for the property.I tell my clients tomorrow is another day, do not get emotionally invested and overpay, and there will be more properties to consider.

But you're also limiting your downside somewhat too.Bottom line is that if this owner is trying to sell a house in as is condition, people are going to expect to get it at a premium discount above more than just what the repairs are going to cost.