Even if it did get bid up a few thousand dollars, I think it would still be profitable and worth it (depends on who you ask though).I'm geographically familiar with those areas I lived in South Euclid and Lyndhurst each for a year.

If you don't do this right, you could have them in place for months...You could also make your offer depending on the units being empty.  

I maybe able to put you in touch with someone depending on which burbs you are looking for.  

It all depends on your lease.

@Edgar Martinez it really depends on what you mean when you say you are looking to expand.  

It all depends how much of your own funds you have available and whether you would be willing to partner up with others.

It's simply not fair to the seller for you to tie up the property for a month with no compensation if you back out last minute.The amount of money considered "fair" for earnest money depends on the area, the market, and the seller. 

Then, you remove all of the damaged materials, and depending on what happened underneath, if nothing, then you're done.

It depends on your plan.

It all depends on the investor.