What if the new owner backs out of the job and gives it to their "regular guy", will the original contractor come after me for any expenses/materials spent?

@Bob Lachance I'm wholesaling in East TX alongside my 8-5 job. 

If it is not signed, it is not a binding commitment... it was an offer.  

Tech and manufacturing jobs are moving into the area from CA bringing higher wage earners. 

@Michael Plaks Once again, illustrating that BP has got to start offering more reaction options beyond "vote!"  

A smaller home can offer a lower price point and the ability to renovate so that you can rent it out in as little as 6-12 months.If you buy as a primary you can put as little as 5% down since rates right now are still high 20% is not going to move the rate that much since PMI helps get a lower rate.

From what he has told me, he hasn't gotten any offers on it due to the neighborhood.

Even if there is not, offer different products. 

For me, it depends how much I want the seller to accept my offer and how willing I would be to walk away from that amount of money.If I'm playing hard ball on a property I'm not crazy about I might offer $1,000.

We offer full-service management for a flat, monthly fee ($130/unit), plus 10% on any maintenance costs.