One thing to note: the SOW for a fixed bid project is usually orders of magnitude more detailed and specific.

Never had to rely on that provision so I can't recall all the details.

Houston might be cheaper than most cities in Cali but the market is tight so if something is just hanging out on the shelf is probably a sign.One great way to get a good feel of the property is to ask whoever selling that house to take a detailed video of the house and send it to you.

Account Closed Forward me details of properties if you have good investment property. 

Based on the facts in your post I would lean more towards purchasing a home that is in turn key condition, enjoy the equity, and tax benefits while you educate yourself on other details of real estate. 

We tried them as a result and they were very process oriented and detail focused. 

If you own several smaller income properties, a vacancy in one is only a fraction of your monthly income.If you feel like posting some more details of the current prop, I'd be happy to weigh in again - it might be a total winner and you'd be silly to sell it, who knows? 

I have been learning a lot through online sources, but one area that I am still unsure of is how much detail a Purchase and Sales Agreement needs to have when entering into a contract with a motivated seller.

So maybe you fight through 2-3 years of saving every penny and buying properties and then just life off your investments.Obviously I don't have all the details of your situation, so I am just presenting one idea based on the information you have provided.

After Repair Value /Comps - Provide comparable sales data that confirms your After Repair ValueRepairs - Provide a detailed estimate/scope of work of the repairs that you are planning for the project.Loan Terms - Provide the financing terms (interest rate, points, holding period) you have budgeted to pay the lenderHolding Period - # of months it will take to rehab & resell the propertyOther Costs - Provide a breakdown of other costs (buying, holding, selling & financing costs) Profit Margin - Highlight the total profit & profit % you have built in the deal.