However, once you physically tour the property, do you estimate repairs and make offers on the spot in-person?

Just know what you are getting yourself into and learn how to physically prepare your unit for this type of tenant.  

I think his name is Grant Cardone.Always remember to do the math analysis on every prospective deal you look at and try to physically look at them if you can until you have plenty of experience before you make an offer or at least have a clause in the sales contract that allows you the time (about 15 days) to do a detailed inspection and possibly back out of the deal without a penalty that hurts you too much.  

@Carl Brownprayer helps in healing physical wounds but your sales skills in talking to sellers will make or break you.Subject areas that help you succeed in lease options and sub 2 are-Negotiating w home sellers, being a reluctant "buyer", reinforcing the sale-Mortg qualification w buyers (DTI, credit, income, etc)-marketing for great tenant buyers, high income, b- credit-getting realtors to refer you to their low equity sellersJoe has marketing down, there are other business skills that are critical tho. 

if you manage your own properties in your older years, you might not be able to physically maintain the property properly. 

It would be MUCH more instructive if you drove down to the courthouse and pulled some physical case files.

This included fiberglass insulation, new drywall, new vapor barrier.

John sorry for the noob questions but I just realized my out of state LLC doesn't have a physical address so I'm not sure what address would go on the checks when I open the account.  

Expense allocation can vary widely depending on the type of physical structure, number of associations and the legal structure of the association (condominium vs. co-up vs. planned development, etc.)

Never know unless you try and you have already physically started a campaign.