I'm not an attorney, so obviously, seek legal council... blah, blah, blahIn my experience, you can sue for performance but I have seen where judges will allow buyers to walk if they can prove some extenuating hardship that happened during the time the property was getting toward closing.

Hello,I am looking for referrals from local Michigan investors for real estate legal advice, namely in business formation and real estate contract development. Please pass along if available; I'm currently working wit...

@Mona Medina  simple answer is yes most investors work with all sorts of agents.. just like investors work with wholesalers... and 90% of wholesalers are totally rookies that don't know anything about RE and waste investors time..What I use to council my agents on when they were knew and some investor who has been reading BP or been to a guru seminar and wants to all of a sudden be an investor... is you need to protect yourself..

Along with what everyone else said I'd seek the legal council of an attorney who primarily works with investors.

Just be sure to be open to going to all events and don't limit yourself to only seeking out council for wholesaling. 

If you look at the property listings a great many of them have existing suites.In 2014 the council was considering lifting the owner occupied rule but it does not seem to have gone anywhere.  

 #2 No personal experience here, but based on the discussion with legal council, setting up additional entities for owning additional properties can be done now or added on later as needed

Yes turns out your right.I looked into the costs some more and found the following: - Insurance: 600- Repairs: Varies - safe to hold 10%   (  1,920)- Service Charge (inc. maintenance and local council charges): 12% (1,600)- Accountancy: 200 - Miscellaneous: 200- Vacancy very low in my area: Not likely to impact rents- Tax: 20% (on rent - expenses) ( 3,000) So probably looking at costs closer to the 7000 - 8000 range.Which leaves net cash flow around 3,360.

If you want to find out the real history of the property, do what I do; ask the postman.He's the one person who knows the history for the last few years, where people went, who lives there now, what relationship they are to the owners, whether they are in trouble with the local council, whether they are in trouble with the law.

May not be an option for you, but you can go sit in on your city's council meetings and see what gets presented.