The checking account can act as the home for the funds until you deploy the money into and investment, then all expenses and returns flow from and into that checking account that you control. 

Watch out for what gets deducted in home warranty or concessions but those will be in offers you accept. 

@Katie Camargo I would consider: HELOC or Cash-Out Refinance:Post-closing, the higher appraisal gives you the potential to tap into the equity via a HELOC (Home Equity Line of Credit) or a cash-out refinance.

Part of this is due to marketing and pre-marketing of the home - an agent is your marketer.

Does that qualify for a home office tax exemption?

The home was in rough shape—think mold, a hole in the roof, and years of water damage.

And you can stabilize and secure the home..

If they don't NEED the money for a down payment elsewhere, the income could certainly fund their payment at a new home, rental or retirement home. 

I currrntly own a home and am renting it out, I am working on purchasing a duplex.

Once I was deployed on a submarine in the North Atlantic and they helped my wife with a 1031 exchange on the sale of a home and purchase of 2 other properties.