They are closing on the property in several days and unfortunately their contractor has dropped out due to unforeseen circumstances.

Let them know what's going on, even if it is an unforeseen problem.

The great thing is that RE, if you buy right is pretty forgiving, even if you make a few mistakes and step on some unforeseen landmines due to inexperience along the way.

@Austin EberleThere is no-proration other than a sale due to change of employment, health reasons or unforeseen circumstances.

On January 5th, barring any unforeseen issues, i'll officially close on my first real estate investment property!

I can't think of a scenario where anyone would feel comfortable putting down non refundable EMD of 25-50% without an option contract in place.To put it into perspective:The average sales price of a home in the US is roughly $375,000That means a potential homeowner would need to inspect the property (without any equitable interest), deposit $93,000 - $187,500 EMD (non refundable), and pray that there are no missed items on the inspection and/or no unforeseen life circumstances that would force them to default.

That will maximize your cash flow, protect you against any unforeseen problems, and if your really want to pay down the mortgage faster, you could still do that.

The retail units need a lot of work before they are leasable, and the building is circa 1900, so lots of delayed maintenance and likely unforeseen expenses.

Too many unforeseen expenses the greatest of which are the HOA fees.

In a space like real estate where there challenges, variables (seen and unforeseen) natural thinking can be a useful way to overcome and grow.