I almost got tricked into getting a time share. good thing I did my due diligence and canceled within the 5 day grace period..time share = money gone.

I liked it and put it under contract with an option period of 10 days.

If the tenant doesn't pay during that period of time, you can file for eviction. 

They have to redeem the property before the redemption period ends or they loose property.

I have not been involved in a deal (especially still in the DD period) where a conversation "must be had before noon and has to last much more than 10 minutes".

As far as clauses, the main thing you want to focus on is due-diligence period and close of escrow.

@Nicholas Sheridan, Jr.In my experience, gifts need to be from direct relatives if within that 60ish day period.

To make it a stronger offer you can go with a larger amount and have it non-refundable day 1 or within a short period of time. 

Properties that are in need of major renovation that cannot be rehabbed gradually will end up trading at a substantial discount,  having to account for costs of the rehab,  more of that cost needing to be paid up front ahead of increased returns, much longer period for rents to catch up to market,  and more costs regarding permitting, tenant relocation, etc. 

My issue is: will they rent, period?