That means you may struggle to resell, refinance, or do anything with the property except for rent it out to tenants. 

Also I'm wondering, if I plan to resell immediately, whether it's worth doing the REFI -- and only go that route if I'm holding for another year, since that's just another 5k in closing costs "wasted".Appreciate any thoughts on the above!

Based on my due diligence of the property, there should be around a 6 figure profit margin on resell.

As a cash buyer, you could unwittingly sign off on that and take title, but you'd never be able to re-sell the property to a financed buyer with such an exclusion.Good luck!

Usually Chinese investors can buy and resell their properties within 6-18 months and make a great profits (no renovation needed, Chinese developers usually don't provide any sort of installment).

Working on reselling windows and door online.

We close on the majority of our houses, clean them out, and resell.

Rehab and build some equity so that I can refinance and resell or rent out in a couple of years or however long the required time to keep it owner occupied.I have looked at the house and it is in need of much work.

Consider 'Holding Costs' and Opportunity Costs.Holding for two years is 24 months of lost rents PLUS all the obvious costs of ownership.Take the FMR for the area and condo config (plus the ownership costs) Times 24 and that's what you just threw out the window.Now try to visualize (dream) getting that back in appreciated value accessible ONLY by a reselling the unit.Sure like to play poker with you.

@Andre VitalisCheck the laws about lease options and lease purchase in NC.http://law.onecle.com/north-carolina/47g-option-to...Sub2 should be used short term, like a buy - fix - resell fast, get the loan out of original sellers' name.