If it was me I would allow the tenant to handle the situation, but since you are asking the question, I would say an addendum is probably a good idea either direction you decide to go in, just so it's clearly spelled out to everyone.

One Point is 1% of the loan amount, so if your loan is 300K, then one point would be 3K.   

You might be in acquisitions in bulk so the question is valid, but not for the majority of investors out there who always should see a property before making an offer.

I'd recommend finding some properties with lighter rehabs to start so that you can build up experience quickly as experience is the largest factor when determining your loan options as a lender.

So what can buyers, sellers, and agents expect with the changes? 

So it's a conventional owner occupied loan with 20% down.

I have 8 years experience in commercial construction, civil engineering, and project management, so hoping to leverage that skillset to help me.

So you expect the repairs to be $45k maximum? 

It's also about your ability to access the Sponsor's financial and managerial documents on the go so you can control and check what is happening regularly.

@Faris Wright - Welcome to the BP community, there is so much value here it is almost overwhelming.