I write my own addendums  let me tell you how quite simpleon wordat the top in 14 point   center the word ADDENDUMunder that put  RE:   and the property addressunder that put the terms of the addendum  IE   purchase price to be  XXX all other terms to remain the samethen put sig  line and  date  that's all that needs to be done.. its just telling the parties what is going to change in the original contract..

It is called due diligence and if they do not provide you/your lender with the information needed during the due diligence period, you should be able to walk away depending on how your contract is written. 

Just need to have it contracted 10 days before sale usually.

The problem is unless you are the owner occupant everything involving a trade must be contracted with a city approved and licensed firm.

We met with each of them and reviewed their contracts, making sure we were all on the same page.

I was already in contract to buy a house and foolishly started “browsing” petfinder for dogs.

There are also forums on various strategies to finance the acquisition/purchase of a property including creative financing options like seller financing, lease options, purchasing subject to, land contracts, etc.

Put a property under contract with a purchase and sale agreement. 

You could always make your offer to go under contract at his number of $10k or a little above.

So...If you opt for partnership and syndication...Prepare for the worst case scenario in your contracts and hope for the best.