Oral agreement for 3.5 months.

You might be able to do "seller credit" to use some or all of your profits to pay for closing cost.

If you want to take advantage of 1031 to your benefit you have to leave some or all of your basis in.

Your time here will be well spent.Since you didn't mention a specific area of REI interest in your profile either, I have added the links below for your review and selection of one or all of the three most popular niches.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

Are you wanting the name recognition of communities, like 'Auburn Hills' or all the many developments around the area, or a suburb where you want to be active in, after work and in the school system, or where you and your family can relax, go for a walk, have some friends over - but be close enough to base and such to do activities there?

If you purchase / rehab with cash, you can use delayed financing within 6 months @70-75% of acquisition cost (not included rehab cost).In other words, if I want to do a short term BRRR, let's say $50k cash acquisition, $20k cash rehab with an ARV of $90k, I can either pull out $37.5K (75% of $50k) @ 6 months (delayed financing) or $67.5k (75% of $90k) after a year.With this model, I'm either forced to leave $32.5k of my original cash in the property or all $70k for the first year.

The seller owns a handful of properties in my city and is woefully inadequate at keeping records.  

Thanks everyone for your replies.Zach you mentioned listen to the podcast, are you referring to one specific one, or all of them?

Probabaly the easier way to lose most, or all, of your money if you don't know the laws and what you're doing.

It is just an opinion, I do not know your laws or all the circumstances.