@Alen Babayan....it really depends on what the nature of what your relationship is with your partner and what you agree to.  To

From my business life, I would have put these as subjects or contingencies in the contract such that if the conditions were not met, the contract would be null and void.The specific conditions I wanted added as contingencies were as follows:Contingent on verifications of all conditions as represented by the seller.

I am very new to real estate invetsting , not sure where to start. i would like to stay local to to los angeles i am also interested in las vegas.

I know how easy it is to get burned and I always do BG, credit checks and income verification.

What if vacancy turns to to be 8% (or even more)?

Could I use the Canadian employment income stated on my 1040 as income verification at a bank or do they require a W-2?

anyway I love that show as well.. but usually its investors being too trusting and not getting any verification other than internal reports from the sponsor.. the bank accounts don't lie and unfortunately when you go into many of these deals like Crowd funded deals you have no Access to the bank account.. so really its what ever reports they send back.. its only when you check the  actual bank accounts does reality come to play.

@Chris MacDonald Your trip must be primarily for business (ordinary and necessary -- necessary meaning more like "appropriate" than "absolutely have to") to get some deductions.  

Off to Court you go to to answer the questions that @Wayne Brooks brought up: when was the contract "canceled" and if it wasn't "canceled" by Feb 5th did Kevin breach contract? 

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff. 6.