The good thing is that we learn and correct our mistakes. 

So basically the City Government can't run a business correctly so the are going to push for more legislation to cover for their ineptness.

@Michael Noto  why would you need a track record when you offer all cash and no contingencies, correct me if I'm wrong but there's no out with that type of offer so who cares if you have done it before?

They are correct that the profit is included in the 70%. 

Jon above is correct that you would be better of approaching a HML with a separate deal.

Have all the BP special books, rich dad poor dad on audio, real estate rewind, 7 years 7 figure wealth..Any recommendations I can cram into my load out, must be able to be put onto my tablet.  

Terms can vary widely, but as some believe you can do anything that can be agreed to is not correct.

I also read somewhere that if the mortgage is more than the value of the home then the house is overpriced and there's barely any to no equity in it (none of the sellers money), is that correct?

Steve is correct. 

It seems that the cursor in my situation wasn't in the correct place and any edits I made were in the wrong lines.