Second this electrical company has already fixed this issue in my yard a few years ago so this “might” be warranty work because their first splice may have gone bad.So, I have given them permission to do the work, and made it clear that I expect the patio to be made to look like it does now after the work is completed.But my nervousness kick in because of the company pays to remove the decking, digs up the splice, and determines that it’s a different problem and not warranty work, now it’s my neighbor who is on the hook, and responsible to pay the bill of repair, and responsible to get my patio put back together.This seems like it could go very wrong......Should I get a contract written and signed by all parties to protect myself?

I usually ask to have the tenants vacate the property with the sale, so I can conduct repairs and re-rent at a rate more in line with market values. 

Assuming it's your own house,  I'd look for the big ticket items and the condition-- how old is the roof/HVAC/electrical/plumbing, as those will be your most costly repairs.   

most people will look at square footage, number of bedrooms, cap rate, any necessary repairs, and of course the biggest factor location.

Also without seeing the inside I would say $1,000 total repair budget is a bit optimistic.

Rent would be 800 so remaining would go into the bank for repairs ..Im thinking I need to have enough in bank for big tickets repairs such as AC unit replacement....5000 at the least to replace unit if it went out.

The owner doesn't want to sell the land, they just want to sell the home, Her and her husband don't want to repair the home because its older, they would rather sell it and put that money towards building a new home instead.

The roof is older and needs repair in the next 2-4 years.

Monitor your score and if you've got credit cards/student loans/etc. pay things on time.A few months in advance speak with lenders about pre-approval.Also, if possible, whether through an investor who buys often or through a contractor or RE inspector, do some property walkthroughs and you'll quickly learn what to look out for repair-wise when viewing a property.

You can add your repair funds to escrow, to be released in draws; and this way an investor can get the repair funds back with the delayed financing.