You must get closer to the real ARV than $65,000 to $80,000 since that represents 100% of your profit. 

I suppose the the term "slumlord" will elicit the same reaction as "shyster lawyer".

Residential cost, excluding marketing $0-$1000 for earnest money depositsCommerical would be $30k to several million depending on the building size, for appraisal, studies, lawyers, and opening escrow.http://therealdeal.com/blog/2014/10/14/joel-schreibers-waterbridge-flips-williamsburg-contract-for-106m-sources/

It looks like 65% ARV  Im using Lawyers title Comps I live in LA.

Does everyone's lawyer prep them? 

UN- wide world... or the BAR member 'attorneys' (masquerading as 'lawyers') within the globally franchised legal(eased) system of the Roman 'City of London' Temple BAR (using Maritime Admiralty "law of the sea," subordinate to Roman "Canon law," of the land) would have shut it DOWN, long ago.And I have thought up some great LO and wholesaling, etc. related 'ideas,' but have yet to 'apply' any of them, to date.

It's not clear who you represent (if anyone).

I have a local real estate lawyer identified to reach out to if we ever have to evict, but so far we have not needed to hire a lawyer.  

A simple offer to purchase that outlines the terms that you want such as an inspection period for collateral files and a warranty that the note is as represented without any adverse conditions.

I know everyone talks about how people can wholesale without being a Real Estate Agent (now called Broker) and it being perfectly legal as long as you do not represent someone who is buying or selling.