Actually it is fairly simple since the relinquished property in undeveloped, it has no prior depreciation or schedule.  

Is there certain subject homework or research you would like to see done prior to meeting in person or before you truly begin to spend time teaching someone?

Do Not offer anything as a "deposit," "down payment," or "credit," prior to opening escrow.

If there are issues (which it sounds like there is) then negotiate to have it corrected by the Seller prior to closing.  

My gut has been since day one that this listing broker has his own buyer and is trying to cut my offer from being seen.Proof of funds for the 25% down payment  (this is common, I'm ok obviously with this one)More details on the expected debt structure and what lender the buyer would useMore details on the business model of the investor—things like capex budget, rent growth assumptions, tax adjustment and any other expense variations, etc.Broker references from brokers that represented sellers that XXXXXX Investment Group bought deals from in Ohio and/or texas.In addition, when we have requested a tour:   Principal of investment group must personally tour the property prior to offer, not a representative of the principal, even if it's someone from the group. 

Offered me this deal:House is located in nicer KCMO suburbs and easily comps at 112-120kHouse in need of about 23k in updates/remodel (they would perform)Has current renter that has been there 15-17 years but would probably need to leave for rehab (lease is up early 2017)Offering me value purchase price of 83500 (over 10k less than comps minus repair cost)I would get portfolio loan with my local bank there (already approved) at 30% down ($25050)Would open a HELOC to perform the rehab (max $23k)Once complete, get a cash-out refi (with same bank), at 80% LTV of (hopefully) new value of 118k which would cash me out 24k -- enough to pay off the HELOCWould put back on the market at 120k, and if sold would net 25k+ on the deal, otherwise could continue with prior renter or find new renter (pretty easy in this area)Obviously quite a few things would have to go right including the reappraisal, but the comps look pretty easy to obtain that new value.  

As to septic, have a good evaluation and pumping done prior to closing.

There is less competition there and you do not need any  prior experience."

The seller needs to take care of this prior to close.  

Prior to inspection, I don't see a cap-ex coming soon.