That is something formal but not scary as an 11 page contract.You can bring a blank copy with you when driving and fill out the address and price on the spot in front of the owner if you know how much you want to offer.

As a new investor, I made this mistake on too many occasions. 

It's hard to be taken seriously just walking into a bank or whereever and saying I'd like to do blank.

I have only had several occasions over the years where a tenant damaged  the property, thankfully, but I actually sent a complete itemized list, copy of contractor receipts, along with a bill for any balance over the amount of the deposit.  

<fill in the blank here with one or more rationalizations>.Hope is not a plan, and rationalizations are very, VERY expensive.This isn't investing...this is at best speculating.

I can't get into the mindset of a ragged house being a good investment; all I see are blank checks that I would have to write.

@Adrian BecoatThere are definitely perks to starting with an empty lot and and a blank slate.

I am drawing a blank on the name/category of tax break individuals can receive after selling a home for a gain as long as it is their primary residence for 2 of the last 5 years at the time of sale.

I use my Realtor to help screen potential deals, run Comparable Market Analysis (CMA) reports, and on occasion provide me with unlisted properties. 

Fannie Mae asks this on many occasions as well.