I'm guessing it was a cash offer, and this was my first piece of evidence that not everybody in real estate is honest.

There is a piece of land with a knock-down house that we will be going under contract on and I wanted to know what experienced land investors can recommend for due diligence?

My one piece of advice is that even though you're planning on getting your license, you may still want to use a Realtor during your first investment property purchase.

It has quickly turned out to be a nightmare, not only because of the water damage but also because of the property management company (notice, I said company – it is a large internationally known company).I spoke with the PM, their handyman, the tenant and a mold remediation company to put the pieces together.On April 16th all new appliances were installed.

Most of the tiles were old and would break into a bunch of pieces rather than peel up as a single piece.As with the carpet, the stench was ridiculous.

I pay my project managers a combination of salary and commission (a piece of all profits), so the more projects I do -- and the more successful they are -- the more money the project manager makes.In a typical year, I might spend $500K-$1M in labor costs. 

Depending on the price you negotiate you may end up owning a piece of a great value add opportunity.Once you've started the negotiation with the seller then go to your mentor dude and tell him you're negotiating a great deal on a three property portfolio that could potentially be bought for X price that after a value add rehabilitation will rent for Y dollars per unit providing a new value of N when the refurbishment and re-tenanting is complete.Now is the time to work up a budget on what you think the refurbishment will cost per unit in each building, what exterior improvements will cost and what time frame and cost you will incur in getting the refurbished units rented to higher paying tenants.

Don't get bogged down in creating all these perfect little pieces before taking real action though.

My questions are: do you attach the addendum as just another piece of paper in addition to the regular contract and should it have a signature space?  

I'm going to cite a few things:I liked the design finishes and choices until I got to the huge bathroom in the basement, why a 5 piece in the basement?