What terms and conditions should I add to our contact to protect the interest of both parties?

I get pictures and a good idea of the condition of the property.

The other issue is ROI - you'll need quite a bit of plumbing; if you have a lot of galvanzied pipes in poor condition and low pressure you may want to consider pex anyway, at that point you could seperate the systems out.

In addition, prices are based upon a market which is always moving, imperfect (prices are not always in line with value), and has other factors not considered (such as distressed conditions of the property or the owner).

(keep in mind, some asset classes are more tax efficient than others, such as my personal favorite, mobile home parks)Retirement-account friendly: Passive investments can be a great fit for retirement accounts because they are hands off and don't violate rules related to prohibited transactions and self-dealing.

If the property is in a condition that prohibits getting bank financing, then your only other real option is private/hard money.

It has good cash flow but my question is what kind of questions do I ask the agent about the condition of the place.

Advertising is broadly defined as:BiggerPockets may consider looking for or offering deals, looking for or offering loans, looking for or offering to be a cash buyer, looking for or offering services or any mention of your company, or what your company does or links to your company website, social media handles or email address to be advertising.It also prohibits including contact info (outside of your signature) or any recommendation for people to contact you for any commercial purpose, and sharing investor leads would fit into that.You changed your first post, but it was about investor leads.

I have worked with many FHA buyers and I only had a problem with one property where the garage roof was in terrible condition and needed to be replaced.  

Obviously, there are several considerations: price of home, financing options/terms, "condition" of home, etc..