Cutting it VERY close (need estimates and inspections)

[Roberto Reyna]

Good morning BP users,

I paid $150 for an option fee that expires on January the 4th, as my offer was just accepted this morning. I figured I would have more time due to NYE and New Year's Day, but it is going to be tough to get inspections and repair estimates done considering the holidays, weekend, and then the 4th is Monday. I'm using a PML, and I'm considering walking away from this deal considering the ARV may not be high enough to do a cash out refi at 70% LTV as this would be a rental property. This is my first deal, and I'd rather be out $150 than leverage that private money if I can't get people out there. I would greatly appreciate any advice or knowledge on how to handle this situation.

Gratefully,

RR