For your part at the meeting, you should have a comprehensive scope of work (SOW), a timeline, and a rough line item budget to compare his bid to when you get it.

From pictures the property appears to be 75% renovated. ARV should be around 45K and should be able to easily rent for $90047XX N 30th St, California, Milwaukee, WI (PM for complete address)Built ~1905~1500 sq ft3bed,...

They have a fiduciary duty to complete these items.

The financing contingency is in case your financing falls through (job loss, etc.) you can cancel the contract and get your earnest money deposit back.

@Joe Hausen - Good question, but, it seems like you are not totally at ease with this undertaking and rightly so.My take is that this property might not be worth your time and effort to acquire, pay the overdue taxes, refurbish and sell for a measly amount of profit if not a loss. 

case in point I just funded a 8 home package in another prominent turn key mid west market.. the sellers were all AU investors who after years of not being able to make it work from their arm chairs in AU  sold out at 70% CASH loss's per property.. these transactions equated to over a 250k cash loss for those AU investor. 

I don't see any bright outcome for this particular deal, and while you learned a lot, that doesn't help with the loss of cash if you terminate it.

Any big ticket items pop up that caught you off guard?

I think a turn of a screw would fix those.One item stated fungus damage to rear patio roof rafters, blocking, support beam and post. 

Also, I have the furnace and a/c units cleaned/inspected annually as well (at different times), since those are big ticket items to replace.