Contract Contingencies to Include when needing to raise cash

[Michael Hoffman]

Hello, 

I currently have one small scale deal under my belt and am interested in scaling larger. As with most beginners a lack of capital is my biggest challenge right now and I am just beginning to research the process of raising private capital. 

My main question is what contingencies are absolute necessities to include in contracts when getting a property under contract that I will need to raise financing for at a later time?

Also being that I am a beginner I understand that even with a good deal I may fail to raise the money necessary to purchase a property in the allotted time. If this happens what financial penalties would I endure if any? Would I just likely lose an earnest money deposit? Take a credit hit? etc. 

Appreciate any help, 

Michael Hoffman