Send me a DM and let's get on the phone, I can walk you through the process.Also, see my thread about one of our active development deals, which outlines almost the entire process (not done yet, but soon): https://www.biggerpockets.com/forums/44/topics/427...

The question is what penalties are outlined in their bylaws?

It outlines techniques for getting your ducks in a row, then goes through all manner of rough numbers which I've found to be pretty accurate.

Therefor, the suit that I recently filed names both the seller and the escrow agent for breach of contract.I have been unable to find any case law outlining the specific definition of a mortgage financing contingency and whether or not “investors” (myself and partners) reluctance to do a deal constitutes a breach of a mortgage financing contingency.

I've found this book extremely informative in filling in questions about uncertainties regarding numbers, and if you base your numbers on the formats outlined in the book, you're much less likely to make a foolish investment.Just my two cents... and hopefully it's worth more then that.

Have your lawyer send him a letter outlining the situation.

Once a professional is aware of all of these issues, they can then outline an entity structure and overall strategy for you.Taxes, asset protection and business management are not cookie cutter, one size fits all prospects.

The risky move would be to have a serious meeting with your tenants and outline the changes that need to happen.

Outline where you want to be in five years.

-Lastly, make sure your contract outlines all the possible fees you can be charged for.