The clause should explain exactly what happens if the bank defaults and under what conditions the earnest money is returns or not returned.I understand this is all  new to you, but this should be child's play for an attorney.

I have been warned recently by a more experienced investor that it is critical to inspect for lead and asbestos during due diligence as there could be serious health, legal, and financial risks to not doing so?

I had a client lookong at MFR's in November (the slowest time of year for RE) and we saw 4 or 5 of these in WH, and the condition and value (and eventual amount paid at closing) were astronomical.

Helps if someone should try to stiff you.Depending on your clientele, you might want to include a page with a description of the condition of the apartment and/or photos, and have them initial and date each item / photo at move in.

I went through this property a few weeks ago and the condition is pretty rough and there is a large tree in the back yard which could make getting a new building permit out of the city complicated.Closing date is reportedly 5-15-16... a 60 day close for a HUD deal is on the long side.

Another person buys houses with some major issue to be fixed, but still in a condition that might be rentable to some person.

Ive been given lock box codes but I have a relationship with my agent lots of times it also depends on nieghborhoods and condition of property, personally you probably have very little to worry about.

Market value is a figure that best describes what a willing buyer will pay for the home under current market conditions.

And "that" conversation isn't necessarily a bad one to have, depending on your tolerance for risk.VA has the lowest credit/income/asset standards paired with the best rates & no mortgage insurance, they compensate for this with the highest standards for the property of any traditional mortgage loan program.Depending on your risk tolerance, you may want to actually be willing to spend money putting BS band aids on the home post-appraisal and after you've got your conditional loan approval.

Please keep in mind that I have no experience in your market, I have no idea what local housing/rentals/environmental conditions are like.