Quote from @George Skidis: Not an attorney and don't play one on television.

I have a property I’m looking at in Missouri that’s about 1,400sqft, and not sure the difference between a Cash and a Novation offer. 

I find a property that is worth $700k.In theory I can make a cash offer to this property.

They will just wait for you to cancel the contract and offer on the listing themselves. 

I've managed up to 400 rentals and never offered a concession.

I sell insurance and prepare income tax returns but I am not an attorney and don't play one on television or radio.The Illinois Legislature has a law either pending or just passed that will GUT LLC protection.

@Tayvion Payton   -  my guess is that you are still too far off the price, at least in the interim but it is always good to put in an offer, because they may come back to you down the road. 

Beyond real estate, I have a background in media production, including event setup, documentary filmmaking, and television production during my time at PBS CET.

I will say anyone offering this should be giving you all the pros and risks of the flint marketplace.

Any landlord that offers this should have their head examined!