You'll make mistakes and figure things out along the way, but that's one reason I like construction.

What you describe is entirely reasonable.

For me Bayonne was a good mix of an area I was willing to live (near NYC, walkable, good parks for kids) and invest in (relatively high rent to purchase ratio and reason for appreciation).Happy to provide more info on the area if you have specific questions.

Some people who invest there do well, but we always have stayed away.The rents and expenses seem to be reasonable, but again it would really make me wonder about that price when Phoenix multi family is over 100k per unit these days for units that aren't fixed up. 

My reasoning it this:  We all have heard of people buying a property and either due to market conditions or possible loss of job they either lost the property due to foreclose or took a bath selling it.  

The reason I am asking , if whole seller come back with counter offer (which is highly unlikely), is it worth considering it. 

My reasoning was that it would be a safe place to store it until i could get it into real estate. 

The reason is you may disqualify a deal from certain securities exemptions/investors by simply sharing it with the wrong people. 

There really is no reason to do so, which is why I am leaning more towards @Lane Kawaoka's advice.

And all that's left is a much more reasonable 10 or 14 pages to physically sign.So instead of rush to read (or don't read at all) but take forever to sign the stuff (it should be the opposite of this, no?)