Additionally, cash can be an effective strategy to acquire properties in situations with multiple competing buyers, or at property auctions.In each of these situations, cash provides either the only way to acquire an attractive asset, or delivers a distinct advantage over financing. 

I have current photos of a downed tree, dangerous roof conditions and substantial disrepair.

The tenant can and will sue you personally because you were the person who negligently failed to fix the slippery sidewalk or dangerous electrical issue.Owning properties in an LLC may protect your from some liabilities, but again, if the plaintiff can show that your personal negligence led to his damages (or if he can pierce the veil of your llc), you will be held personally liable.

That said, for most serial investors (those who tend to reinvest their capital ongoing), I agree the distinction isn't very significant.

Bizarre and dangerous!

Tom are you sure that wasn't Harry Reid complimenting Obama on being a light skinned boy instead of a dark skinned boy who didn't have a distinct boy dialect unless he wanted to?

Cons: utility bills when you have to run the system for 1 hour for every 10 degrees if temp, hardware failures every so many years, drowning danger, maintenance in off season, heat bills in off season, rapid water evaporation in summer.

not to worry about judgements against the seller in a wrap transaction as they no longer own the property so the property can't be attached... due on sale is there its the alienation clause.. does it happen it can but not often.. but I had 2 called on me over the years.The danger in this transaction is squarely on the sellers credit. 

I have also given my earnest money before signing THEIR contract , am I in danger of losing if I don't sign the contract?

BTW, RE contracts are subject to state laws as well as federal, using contracts that someone else uses can be dangerous with real estate or financing, not a good way to go really.