I Have an update on this.

Cons - you have to wait a few months depending on the seasoning period to do the cash out refi.

A few updates that didn't fit into the above post:The attorney who handled our closing offered to assist the sellers pro-bono in an effort to recover some of the equity.

Updates of heating, adding cooling, and electrical.

I am in my longest no purchase period in over 15 years.  

If I can line up a tenant during the option period, then I know I will win, and I can also win if another buyer comes in with a competitive offer.

Surviving the first few years is tough, but if you can figure out how to do that, you can have a 3-5% down payment (call it 15-25k) turn into 300-500k of appreciation over a 10-12 year period.

Hell, someone sent me an update today on sec8 payment standards in MSA where sec8 is paying dang near $4kmnth!

I would regularly update your photos to reflect seasonal changes or recent upgrades, ensuring they are high-quality and well-lit.

It took 90 days or so to get confirmation your deed and mortgage had been recorded so you had this huge period of time that the bad actors could step in and pull some really crummy stuff..