I found that the estimated renovation costs to be under and the ARVs to be way over - this is now proven where another investor purchased the property and is trying to flip it and I've seen several price reductions. 

Keep in mind, since they fund the deal 100% (purchase and rehab), they are taking all of the risk.

I am an out-of-state investor interested in purchasing a duplex (2 bedrooms, 2 bathrooms each unit) located just a 10-minute walk from ASU.

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

Purchase price: $84,100 Cash invested: $75,000 Sale price: $179,900

If the guest is spending a longer time there they may elect to get their own, short stays probably will not bother or just purchase their own. 

Before I make a purchase, I want to make sure I'm choosing the right product.

@Pratik KocharAs mentioned if you have gas and use it for heating and cooking and gas dryer, then 100 amp should be plentyIf you need to upgrade as mentioned go 200 amps but you can do a simple online calculation to determine what you need

You can convert your current property to a long term rental property to offset your current mortgage payment when purchasing a new home.

There are options for retrofitting coin machines or you can purchase new machines.I recommend talking to an appliance technician or checking out local laundromats to see which machines are used the most and are most reliable.