I am a 50 year experienced accountant from corporate world and private practice both.  

Be sure to follow the best practices for deducting damages only and not normal wear and tear or items that would be replaced anyway because they are end of life. 

It took us quite few weeks to go through all these procedures to reverse original assumption.As for living/renting - not the case also, it's illegal to live in the property until you obtain clear POS and rental certificate from the city.These POS inspections slowly getting admitted to be illegal practice (Bedford Hts won the litigation and get all these fees back) but majority of cities in East suburbs are affected.Obviously, it doesn't apply to East Cleveland or inner city - you can still buy houses for $100 and sell for $1K ;)

Not usual lending practice, but some can or will underwrite the deal if there is an out where others will step in if the initial party fails.Every economic transaction action will have three of the four fundamentals of economics, land, labor, capital and entrepreneurship, or some substitute.

One guy is located in a highly sought after town (Cherry Hill, if anyone is familiar with NJ) and called twice before leaving a message practically begging to be called back!

Good business practices go beyond any written agreement. :)

If your serious about being a real estate professional, then practice it everyday.

I'm guessing you're fishing right now but...If they are good deals they should practically move themselves. 

We need an attorney that is familiar with investor practices and contracts.

One last note : Thank you Bigger Pockets for an excellent resource of vital information on practically any subject.