Always remember, especially in the beginning, do the math analysis and try to look before you make an offer to purchase a property or at least have a clause in the sales contract that allows you to make a detailed inspection of the subject property (about 10 days) and possibly back out of the deal without a penalty that hurts you too much.  

do you work with the same borrowers or you have new ones frequently?

Hello everyone my name is Jose Rivera I am new to Real Estate investing trying to accelerate my learning in the subject.

You may think of a letter of intent, but may include a price subject to certain factors or contingencies. 

I guess I wanted to know how to approach the subject best and a lot of great answers have come that I appreciate.  

There's a weekly happy hour, frequent guest speakers, films, parties, you name it.

I would offer to buy for the mortgage balance subject to the mortgage.

All the gurus may tell you to start with a list or plan but that is always subject to change once you get into the project.  

After all is accounted for, you'd have the amount that would be subject to income taxes.

If you want to go this route, so the contract, have the appraisal subject to laminate installed, when you get a Final clear to close, install it, get the inspection for it, close.