For instance, you might say you want to learn everything about commercial real estate (just using it as an example because this is what we do).

For example, 100k house you need to buy for 70k all in, which means that you need to get that house for 70k - Rehab cost (get to know a good contract with a middle of the road price point so that you are not telling people you can do a whole house for 5 grand) and then subtract the fee that you want to make on the house and that should be the target.

The example they used was Morris setting up a liability policy for a situation where their reputation was destroyed and they got sued by investors.

Your example: $100,000 ARV for a SFR.  

With that much appreciation, you could use a 1031 strategy for example into an even bigger asset. (5+ units, maybe out of state?).

Also, can you provide some examples of clauses to include in the addendum?

Calculate your bottom line using 70% of ARV (After Repair Value).Do not spend more than (.7*ARV)-RC (Repair Costs)Example: House is appraised at $100,000 *if repairs are made*...7*100k = 70k.Repair costs are expected to be $25k. 70k-25k = $45,000 (DO NOT BUY THE HOUSE IF IT IS OVER $45k)Take another look at the ‘going rate’ of rent in your area, make sure your cash flow is enough to cover ALL costs and include a buffer for taxes and unexpected repairs.Look at the property yourself - try to eliminate assumptions.Have a trusted professional assess and confirm info about repairs that may have been overlooked.Look at how much work you can do on your own and compare it with contractor rates to complete all repairs.

For example adding an Amazon box, lighting, or something of that nature?

If you DO include any utilities, you MAY be able to leave these outside the lease agreement.. example, lease reads no utilities included & agreement X reads they pay you $____/ month for ______ utilities and that you may change this rate with 30 days notice.

Andrew,Another option would be to do part of the labor yourself for example tearing off the old roof on a house that small should be an easy one day job.