yeah my parents and brother both got home insurance below $2000 that is close to that area, and they just renew it recently too, so I thought our estimate would be correct.... and the option period is already passed, if this doesn't seem to be good deal anymore, we can just back out of it and lose earnest money right ?

It passed inspection and you didn't report any problems for a year.

After touring the property and running the numbers, we decided we could not pass on it.

You read the current minimum size for a buildable lot in the code requirements outside urban areas, specially when septic is involved, and these lots simply don’t pass.

I suspect the numbers will be a little more forgiving so I’m sure I’ll run into deals that I’d be able to pass your way that don’t pan out for my strategy.

Most often they have required some level of clarity, and inspections being passed.

Midsouth will send you an email, about the property, when it comes available, and you have to act on it soon or pass it by for the next investor to decide.  

I inherited my stepdad home unfortunately because of his passing...I have always wanted to do the Airbnb venture and thus unfortunately gave me the opportunity.

If you decide to entertain this, due diligence will involve digging deep into the business financials to understand cashflow, solvency, and liquidity, his personal finances, and searching for any liens or UCCs in place. 

Normally it is more related to unnatural/violent deaths, but since you would be looking at a lot of people potentially passing away on your property, something to consider for resale.