They'll receive back only the bid amount.

Or if I do, I'm going to require extreme diligence, escrow, and my bid would not be what you want.I aim to buy great locations that are a bit distressed, fix up and manage the property management through my own venues.

Gatlinburg/Sevierville/Pigeon Forge was highly bid up due to realtors pitching inflated revenue projections. 

It has sat empty for the last 20 years but the current owners have completely gutted it, have bids from contractors they're willing to share, cost estimates etc. and have had lots of inspections done and so much pre-work with the city and county to figure out what they can and can't do, so a solid plan is already in place.

In the Wichita market right now I am seeing bids on homes as much as 10-15K over the asking price.

Ideally, you'll go low LTV--40% on excellent locations and & great prices scaling down to 20% LTV to negate a worse bid & location.

I'm a contractor and just did a bid on an SB9 project in Los Angeles County - Altadena area (building permit jurisdiction).

You got to think the best exit is a married couple with kids; that's going to get highest bid.

I reached out to RTR, they referred me to another contractor which gave me a bid that would increase the construction cost by 100K - or they offered to buy as is and I would take a 160K loss.It is terrible to fell this dumb!

Our standard email with the bid states, please contact us to discuss & redline to your budget.The only thing we will require are health & safety repairs, to avoid a lawsuit.