As I stated in my original post, older homes in my community are all over so whether I do this one now or another one later I am bound to run into some or all of the things you mentioned above.  

Am I bound by previous owners contract with PM?

I think you should make sure your personal situation is taken care of before you start investing (Reserves in case you loose your job, etc).It gets much easier when you are able to prove to your spouse (and yourself as well) that it works (they see more cash coming in than out) and you can actually make money doing it.  

There are tons of businesses out there in the world that loose money.

Otherwise you could loose that 60k quick and cause yourself a lot of headache.

. - All 3 have an ARV of 1 Million dollars- All require about $1500 in repairs- All available for $800 cash- All have 3 Lines of text on the contract blacked out that could say anything but you are bound by it.Would you sign and send in the $2400 in cash to take those contracts?

This is from memory, and is loosely derived from Dave Ramsey and his Total Money Makeover.We set aside savings until we had a sizeable Emergency Fund. 

But choosing to wait longer would have meant missing an opportunity and loosing time that cannot be made up.

They will then be bound by your expectations and conditions. 

This is a good way for you to loose your contractors.