I agree with that plan it does look like a pretty good deal.However I see some issues that you want to consider.First off did the guy give you any indication he is willing to take a $66K discount off his list price.

Don't discount anyone you meet, open houses are a huge opportunity to expand your business.Bottom line, open houses are great.

@Brandon Rodriguez, one cocktail napkin analysis would be to ask how likely you are to get a 12% ($35K) discount on an already good deal of a $300K property (or the appropriate % for whatever size property you are selling) if you take your time right now.  

Discount brokerages are probably your best bet.

If list price isn't at deep discount, it may not be worth it.

Most of them pay for themselves with one rental and if you play well enough they give you discounts.

--many investors buy AS IS to get at discount price --and many Rehabbers like to fix themselves -- that leaves only half the buyers --other investors who want to rent out and hold it --then why not just wait few more weeks and sell to the end buyer ( Owner occupied) at higher price --of course less than retail, and make more money -- you have to make sure to get 15 % to 18 % return on your investment --- how much interest are you going to pay contractor --if you do not sell as soon as he finishes the work -- make sure to do the numbers --for interest , carrying costs and profit.

I am looking at giving a discount now for auto deposits on the 1st but I am trying to see if that is a legal way to go. if someone said the 15th I think I would not do it unless it was the start of a lease or a long term good tenant.

Get 'em leased before school starts.And good point about locking in good tenants for the long-term in exchange for a discount.

Savvy real estate investors that have good negotiating skills, combined with being at the right place at the right time, can buy properties or notes at significant discounts, especially in today’s real estate environment.