@Travis Sperr Is it fair to assume you suggest that before I look at any lending options I should have renderings and at least preliminary plans ready to go?

The counties have made sure that you have to disclose where the overage is and the exact amount, and that they don't need you to act as their agent, thus rendering you useless to the former homeowner.  

Effectively pay your children for services rendered to your RE business but only as much as they are under the earned income limit for dependents.  

Any advice would be greatly appreciated.426.530 Right of redemption -- Manner of redeeming -- Purchaser to receive writ of possession and deed. (1) If real property sold in pursuance of a judgment or order of a court, other than an execution, does not bring two-thirds (2/3) of its appraised value, the defendant and his or her representatives may redeem it within six (6) months from the day of sale, by paying the original purchase money and ten percent (10%) per annum interest thereon, and any reasonable costs incurred by the purchaser after the sale for maintenance or repair of the property, including but not limited to utility expenses, insurance, association fees, taxes, and the costs to conform the property to the minimum standards of local nuisance code provisions and other local ordinances as authorized in KRS 65.8801 to 65.8839. (2) The defendant shall pay the redemption money to the clerk of the court in which the judgment was rendered or the order of sale was made.

Only the Attorney General of the State of Illinois is empowered to render formal opinions concerning the laws of this State.

While in escrow, to gauge interest our son (and one of our partners) drew an architectural rendering, and floor plans.

Note that the right to cancel does not end when the services are actually rendered.

I would never pay for services not rendered.

I have the following concernsI plan on using a Property management company (8%) but I’m concerned I’ll get ripped off I don’t take precautions or look for certain things (because I don’t know what I need to look for)Random Unexpected events come up: IE roof caving in, Water heater breaking etc that will render the unit unlivable or exposes me to liabilities.Since Im not in the area, i don’t know it that well, ill end up choosing something that is not in the ideal location, and my assumptions about the place being rented, etc will be completely wrong.I would appreciate any suggestions or nudge in the right direction.Thanks!

There's no magic number, I rendered a bid of 500k for piers and beams alone.