These short timelines scare me much more than the possibility of losing my deposit, especially since I mentioned my due diligence would include an environmental report in the LOI.  

If she'll wait that long, and if his due diligence doesn't turn up any environmental problem, etc., he will marry her.

@Mark Flanders No, I've never consciously questioned the property appraiser info, unless it was obvious.  

I wouldn't in good conscious be able to charge a tenant that's already paying over market rent for my mistake.  

Hard money isn't that risky, it's just expensive, so you have to be very conscious of your rehab timelines as that could make the deal a dud.You'll have to talk to your lender as to what their requirements are, but 70% LTV is pretty common, so you would have to put down 30%.For contractors you can drive around that property's neighborhood and look for other rehabs happening, and ask them their availability or for referrals. 

I think this system is like goal setting - setting a goal of increasing your net-worth is exciting - you always look for that equity to reach $1,000,000 -  WOW - keeping score by setting a goal filters from your conscious mind to your subconscious the never sleeping subconscious mind is always planning and directing to your awake mind - things to do to meet that goal.A great way for the new investor or burned out old timer is to start the real estate learning or relearning process is to use a system I've recommended for years - The 50 House Rule -Look at 50 houses in your investment area - do this only with absolutely no intention to buying or making an offer,  look at FSBO's, with agents and open houses - keep a journal with copious notes, record what sellers or agents had to say, price, days on the market, history of reduction, your opinion of seller's motivation, date - your thoughts.Doing this will help you understand the MARKET in that area - you can't be fooled by sellers or agents - you'll be smarter than most of the investors and agents in the area - you'll know and recognize a bargain when it comes your way.

(http://www.houstontx.gov/health/Environmental/Pool_Demo_permit_(2).pdf).

Honestly, I never approached it from the children or the environmental aspect.From the financial side, I found that the EPA RRP rules are the most are the most important aspects of being involved in real estate.

You could still rent to families, but you would have to jump through hoops and you would get a Letter of Environmental Protection and your insurance will be higher and the property value lower.As long as the house hasn't been inspected for lead, you can renovate if you follow federal RRP rules.

I started coming a few years ago when I made a conscious effort to became really active in real estate and ended up volunteering at the club, then sticking around to help run it.