You will need to show proof of funds, though, regardless of using a contract or LOI or anything else.

Off market deal that I was approached on by someone I have done deals with in the past.

Our town just did a revaluation and got close to 100% but the market constantly changes and prices continue to trend upwards meaning the 100% valuation is likely already not accurate.

Hello everyone, With deciding to start in real estate, my main goal is to create enough equity in the properties I obtain to build a house and buy land  (10-12) years down the line.Though the market always changes, I figured with investing into highly appreciating markets now, the properties I buy will accumulate the equity needed to be able to sell in the future which in turn will lead to the income needed to build and buy land. 

Once you have that, you can look at what similar properties in your market are doing for design.

In any market, you need to analyze median income, and crime, and that will help predict where you will have more challenges collecting rent.Every city has their challenges with vacancy.

My plan is to house hack a duplex by using the equity in my current single family house to fund the down payment.

These lenders are much fewer as it takes significant effort and additional funds to foreclose on a 2nd lien and take out the first position on the collateral property to get their money back. 

Even with a single family often there are utilities that you will want to pay directly as a landlord and which are customary in that market to be included in the rent.

I provide/manage the funding, books, oversee the budget and manage cash flow.We do divide the the responsibility of finding deals and of course, we both have to agree on the numbers before we make a move.