Offer Price: $110,000LTV 75% with 4.75% interest.Amount I put down: $27,500Loan Amount: $82,500Rent comps from Agent/Zillow/Hotpads: $1,250 The following are expenses :Insurance: $1,500Vacancy: 10% - $1,500Maintenance/Repair: 10% of annual income - $1,500PM: 8% (will be doing this myself but included just incase) - $1,080HOA: 350 TAX: $2,600Improvement: $5,000 (minor but needed to bring up standard for rent income)Closing Costs: Estimate at 4.5% ($4950)Cashflow: $1,246 NOI:  $7,710 CCR: 3.33%Not sure if this is too conservative but do cashflow $104/month. 

If you know your numbers and your offer is a good deal (which in this game is a killer deal) .. then there is no reason to have a 'standard contingency' to allow you to back out without losing your deposit.  

We are at this moment looking into forming an LLC. and coming up with a structure of how we will try to do day-to-day tasks, developing tenant forms suited for our needs and just basically setting up standards and rules we will run our business by. 

That's very standard to do the inspection after a contract is signed, even in typical transactions when the sale is directly between the seller and the end user.  

I think this is fairly standard as far as I know.

@Jerald Alford  LOI's are pretty standard on Apartments whether it's listed with a broker or not.

Is this standard legal CYA?

If so is there a set of standard terms to owner finance.

The standard eviction most eviction attorneys do does not involve judgments, it's just for possession.

@Leigh C having another person build my empire for me is un acceptable in my standards.