Get your feet wet, get some experience, get yourself in stable financial condition then look to grow.

Don't get me wrong: Your agent should explain the terms and conditions and ensure you are comfortable with what you are signing, and they absolutely should make sure all parties understand the timelines, key dates, and deadlines. 

Real estate has high transaction costs - most folks don't realize to buy or sell a property it costs about 10% of the sales price (6% commissions and 4% transaction fees).Real estate is susceptible to harsh weather - during hurricanes, floods and freezes you can have significant property damage.

@Bob RossTypically the homes you are using for comps have been renovated (or are at least in pretty good condition) as well, so the price/sqft on those should be close to what yours will be worth when renovated.

All homes sold in the last 6 months where sold in the same condition as this property.

Hi Belliny,FSBO properties are typically an AS-IS condition type of deal as I am sure you know.

I would look closely at the terms of the purchase agreement specifically the conditions for the forfeiture of earnest money.

We also time effective dates so that if they choose to move (for month to month tenants) they are doing so in warm weather given that we are in Minnesota

@Eli Epstein, it depends on location, construction, exposure to weather events, etc. 

A seller is not required to know the material condition of a property, only to disclose the conditions that S/he know to be true.