For example, many homes to the untrained eye appear to be in bad shape and can warrant deep discounts when in actually they are only cosmetic repairs that can be fixed for a fraction of the cost.

Obviously it has to be a $ maker on top of green....Of course you'll spend a lot more on an full-tilt green rehab....but you can offset some costs by reusing some materials (the greenest practice of all) as well as charging more rent because of lower utilities and the appeal to a certain clientele...I also thought that there might be some political capital involved in rehabbing green...maybe even grants or sponsors....

I've been told to analyze my potential properties with a cynical eye, and I imagine that the listing could have been inaccurate, or it could have been an old appraisal.

Can someone please explain the steps involved when doing a sandwich lease option?

In my opinion, that's EXTREMELY low for the risk involved.

He can get it for $110,000 and wants me to buy it for $120,000 I have a buyer that is ready to go at $135,000 My question is, what purchase contracts and assignment contracts need to be in place to protect everyone involved starting with he broker.

You need to decide how you want to be involved in real esate: Being a real estate investor and being a real estate agent working with others, are two very different things.

Does she need to be involved with the business?

and if so, what risks are involved and how does one get a seller to agree to such a thing?

Do some reading in the landlording forum (where I'm moving this post), and you'll get a better feeling for all the expenses involved in a rental.