JV partners pulled out at the last moment - What do I do now?

[Travis Hewlett]

Hello BP - I am a new member and have a question on how to pull out an 11th hour victory! I found a deal in late November that cash-flows around $1000/mth with an estimated ROI of 75% and a worst case scenario 30% which is ridiculous for the Alberta market. The purchase price is 210k and it is a raised bungalow with a basement suite renting for $850/month and the upper for $1150/month. I negotiated with the owner for him to rent the garage back on a six month lease (paid upfront) for $600/month. So the cashflow in the first year is incredible. The basement has a tenant on a year lease until next fall, and we will be able to complete a fairly cosmetic reno in the upstairs suite and rent by April.

I got it under contract and offered the deal to a couple I had met at an investor summit to come in as the financial partners. They are a very nice couple, we had several meetings, I'd put together a lawyer reviewed JV document and the, reno plan for the upstairs suite of 15k to redo the kitchen, add flooring in 3 bedrooms, and paint the interior. The plan was to rent out the upstairs suite and re-finance the property in 2years and pay them their full initial investment back out of the cashflow and re-fi and then split the additional profits/cashflow 50/50. I had completed the inspection and put up the deposit so i'm into the deal already for $1500. They were in the process of re-financing their farm and had some issues with the mortgage broker so we had to delay the financing terms a few times with Christmas in the way as well. Last night we had a conference call to discuss the reno plan as well as the final Joint venture details and they let us know that they have cold feet about the Alberta market and would like to put there money in a land development deal in the Ontario market.

To sum it all up, I have an incredible deal that has great cashflow, a solid plan, exit strategies, and financing conditions closing in 2 days / deal closing by Feb. 3rd, but no financial partners. Is there any way I would be able to close it in time even if I can find financial partners in the next week? What steps do I have to take with the lawyers etc. get it done? The realtor and current owner may push the financing terms, but they have already been very accommodating with the delays. If I quickly joined as a pro member on BP, would finding partners typically be possible within a few days?

 Any suggestions or help would be greatly appreciated!