I knew I wanted to get into real estate investing at some point so when I graduated from Towson University in 2014 with a Finance degree I bought a half of duplex in Baltimore.At the time I bought my house I did not know about the 1-2% rule but my house luckily falls between that for when I go to rent it out next year.My goals are to start with my first investment property this year as a buy and hold in the Baltimore County and Baltimore City area along with Washington/Frederick county area as I will be moving back there later part of 2018.

I am a victim of the real estate crash ten years ago where i was setting panalized homes all over the northeast.

I've tried [and tried] to make them work always swearing I'd never do another old property again - and now I don't .I've been old asset free for over 3 years now and don't plan on falling off the wagon.The age, low rents, non tenant paid utilities, etc. will be a nightmare.  

My question is when getting a property under contract what contingencies and other things would be recommended to protect myself and have an out if say inspections are outrageous or my GC says my rehab estimates are way off, or private money falls through etc?

But in VA, if there is a domestic violence, and party A is victim of it, and party A gets protective order signed by a judge against party B, then party A can be relieved from the burden of the lease agreement, and party B will be solely responsible for it - assuming both parties were on the lease agreement. 

I hired a neighborhood kid for $20 every 2-3 weeks and end up spending a few hours and $200 in craigslist helpers every fall raking leaves or trimming bushes.

Ask for best an final and set a deadline.Hope for a little more from the cash offer and then accept it unless 1 and 2 go up in offer significantly making it worth taking the risk they fall out of escrow.Cash is and always will be king unless the difference is too much loss to eat.

Also, as you pointed out, you can put down as little as 5% down with HomePossible, get a slightly reduced interest rate and Private Mortgage Insurance....as long as the property falls within a certain census tract. 

That way if the deal falls through (BP folks never have deals fall through), they have a renter in to keep their cash flow going, and one that they agree to.

The statute is written this way due to the public being victimized by many of these frauds.