Before you do any of that you need to decide what the comps are in the area of recently sold homes similar to that one.If the house needs nothing I highly doubt he would accept 120k for it unless it needed a lot of major repairs.. 

Not the case with an auction however, which will require you to close as-is, where-is, and accept the good with the bad.

-You're going to find women over 30 sexy someday-Remember all that work you did over 5.5 years to get three engineering bachelor degrees and a master's degree?

I think he'd accept $30,000.  

Do you make them a verbal offer and then if they accept do you send them (email/mail/Esign) the purchase agreement?

Now I am 23, I got a degree in Construction management and business, and I believe I am ready to dive into the crazy, exciting world of real estate investing! 

Some of these may not show up in a title search and could come back to haunt the lender if he voluntarily accepts the property.

These areas all have a balance of acquisition price vs. the rents they command, and are all firmly on the upward trending "gentrification curve" to various degrees.

You should find out from your local building department if they will accept what is known as standard construction plans or if you will be required to have them produced by a licensed architect and licensed structural engineer.Usually if your city will approve your proposal the electrical and gas meters will be installed , after your inspections have been approved.

The home failed the city's sewer dye test after my bid was accepted but before my home inspection.