If the house was a wreck and needed a complete rebuild, one could alter the layout dramatically, hugely improving things. 

Taking this to the extreme would result in a total rebuild and layout alteration where the kitchen and possibly the bathroom are transformed into a rental spaces. 

"I have altered the deal.

With Tom controlling the escrow and our funds this should allow those in the business to just alter their business model accordingly and still be able to make money on these deals.  

I thought I read somewhere about adding a clause that the seller will not extend, modify or otherwise alter the existing leases in any way ( I can't remember where I read this). 

This is a great place to connect with people, you can also use the search here: https://www.biggerpockets.com/search/ to look for users in your areaYou can also set up key word alters here: https://www.biggerpockets.com/keyword-alerts if you haven't already done so.

The standard Fannie Mae Real Estate Purchase Addendum (available for review on the Fannie Mae website at https://www.homepath.com/make-an-offer.html), which alters and takes precedence over your state contract.If your agent didn't submit the executed REPA with your initial offer, I'm surprised it was even considered/accepted.While I admit, paragraph 17.J seems to conflict somewhat, paragraph 5.a of the document clearly outlines your 10-day inspection contingency, and five-day grace period following completion of the inspections.The REPA is a standard form, and in my experience, there is no negotiating with FNMA on the form.

However, cuts to classrooms may alter current demographic trends and make Chicago less desirable than it is now.  

Hello,I would like to see your contracts and see if they differ from mine and if I should alter what I have.Thanks for your help,Angela Johnson

I suppose If anything big comes up though, the price could be altered or the seller could possibly fix some things up.