I just wanted to chime in and agree with @Ricky A. .  

Rick I get up on a ladder and post them as high as I can.

I must admit that I haven't read a book since Richard Nixon was in the White House...

Hey Ricky,I'm not a banker. 

Carlos Rodrigues Nix on accepting rent in advance.

I agree with Ricky, getting an experienced developer would do a lot for you.  

@Rickie Mincy congrats on making your first purchase. 

Inflation is the debasing of the currency by printing currency without any substantive backing.When President Nixon in August 1971 took the USA off of the gold standard (without permission from Congress), he changed our asset-backed money into distilled-work currency.

F Foster The "summary" probate actions Rick is talking about might never come up in your investing or your own estate.

Also in the purchase agreement under "other terms" it states that the property will be delivered with the currently occupied 1 bedroom vacant.To add a twist, the current tenant in the one bedroom is/was an heir to the estate but does not have control as she is not the trustee.Edit: I agree with Rick, I think this is too good of a deal and they don't want to follow through.Also, @Rick to answer your question about cancellation, the selling agent sent over a cancellation of contract, release of deposit form as well as a demand to close escrow.