I'm open to any financial advice you may offer regarding our current situation.

You should be looking for an agent that can offer MORE than finding a pretty house. 

I plan on requesting the following quarter report if I offer.Average Monthly Expenses per triplex (maintenance/insurance/repairs/utilities/property taxes/vacancy):$730.50Estimated mortgage: $1,132I plan of offering $200,000 - $205,000 due to two of the rooms not being renovated, roof needing work, and after being posted for going on 3+ months.

Any insights or guidance from those who have embarked on similar projects would be greatly appreciated.The property is raw land, offering a blank canvas for a variety of development opportunities.

A wholesaler contacted me and they wanted $140K and I offered $110K and they accepted.

For me to make a traditional offer it would have to be very low to make my numbers work.  

For example if a agent stands outside a open house, you approach them, they show you the property and makes a offer, it automatically binds Agent-Client relationship although there was no specific contract entered between parties.Quote from @Khalid Bryan: @Joseph Weisenbloom has it been fully executed?

Offering $120K whcih is pretty good for the conditions and worse/smaller homes selling for that. 

@Jacqueline Lee I'll 1 up what @Evan Polaski mentioned....Each jurisdiction and city is going to be slightly different, but at the surface there is generally slightly more paperwork to get your property approved and into the system, but once you get it up and running and the first tenant in there, its generally straight forward to get the rent increases etc.A good place to start would be your local housing authority, they may even offer "Landlord" classes to understand the system more.  

Are all-cash offers at those prices common these days?