I am still hoping to be able to reschedule the new house settlement soon if I can just close out the refinance and have the funds disbursed.Later in the day on Thursday I was told that the mortgage company had obtained the disaster insurance certificate and my loan was in final underwriting and could potentially close Friday or Monday.

Those lenders are usually more savvy and may ask you to provide a zoning certificate from the building department confirming the number of legal units (which sounds like it's 5 rather than 7).

You don't get the keys perse, but will get a deed or certificate of title into your name. 

I will ask the seller for the zoning certificate before moving further. 

On another note, yesterday we realized that paragraph 20 of the Trec 1-4 purchase contract basically says that the buyers have to get a certificate of non-foreign status from the sellers.

They should have been the ones who inspected it and issued a certificate of occupancy.

Purchase price: $12,196 Cash invested: $12,196 Vacant land that I foreclosed on from a tax lien certificate I purchased on June 23, 2014.

The property already had a valid certificate of occupancy, so after a few minor repairs, we were able to show the house and got two tenants within a day at $950 per unit.

The property already had a valid certificate of occupancy, so after a few minor repairs, we were able to show the house and got two tenants within a day at $950 per unit.

I currently put contingencies on the following milestones:Contingencies (able to achieve the following milestones)Site PlanningBase MapSite Plan (End of 2021)Conceptual Site Plan (Beginning 2022)ArchitectureFeasibility Design (End of 2021)Conceptual Design (March 2022)Entitlements & PermitsPre-Application (Beginning 2022)Application (mid-late 2022)**Buyer Submits Refundable DepositBuilding Permit and Inspections (End of 2022)Final Approval to Build for purposes of a banquet hall (End of 2022)**Funding Land Acquisition General ContractorSite and Civil Work (End of 2022)Certificate of Occupancy (Late 2023)Is this the correct approach or is there a better way to structure this offer to take on the least amount of risk?