Terminate this Contract by written notice to BUYER and, at SELLER’S option, either retain the Earnest Money as liquidated damages as SELLER’S sole remedy (the parties recognizing that it would be extremely difficult to ascertain the extent of actual damages caused by BUYER’S breach, and that the Earnest Money represents as fair an approximation of such actual damages as the parties can now determine) as provided in this Contract, or pursue any other remedy and damages available at law or in equity. 

If I purchase the property from him with a bank loan, how do I get my cut from the flip profit, I don’t want my cut tied up in equity?

The ones making money there are the sellers cashing in equity gains and moving to more stable markets through the cycles.

You want control.Even if there is ~50K in equity, you are subject2 so not sure you can refi since loan is still in another person's name.

It now has about 450K in equity.

Wanted some advice on which market is best for what I'm looking for.I'm married with 2 kids and currently live in NY.I own my co-op which I have about 50k in equity.

I purchased this home from my grandfather and he gifted me over $115k in equity therefore, it was a no brainer.

Bear in mind that CAP rate applies only to Commercial RE.Better factor is CoC [Cash on Cash] that is for residential too, here you have to include NOI in equation.

These were break-even monthly but the built-in equity from buying right and the monster loan paydown monthly  were part of my calculations because IRR matters.$200 or $400 per month cash-flow per unit is fine, but the real wealth is built buying odd or otherwise strong but unfinancable assets at discounts and repurposing or renovating smartly into something special.Will I now buy an A class single fam at a 20% discount that only breaks even or loses a couple hun a month with 10% down?

Initially at purchase we underestimate the ARV which led us to analyze it as a BRRRR, however market pricing started working in our favor and we were staring at too much locked in equity to not Flip.