One of the properties has been in contract probably three times with long waits to close, and then when closing came, the buyers would either have an appraisal contingency fall through, not be familiar with the area, or didn't end up with enough funds to close the deal.

If they were similar then pay it, if way off then tell them here is the quote and this is what we will reimburse - next time think 2x about ordering a service without our approvalI think you will find that in a life-threatening emergency such as this a judge will very happily hand you your rear end should you try to enforce such a policy or contract term against the person who is in danger. 

If you can find a MB who will allow you to keep contracts when you jump and mentor you, that's a good deal.

*I am not a CPA, tax professional or a lawyer*I cannot give legal advice, so all of my advice is illegal advice.As far as I know, section 469 of the tax code is what allows for the "STR loophole". 

I have been under contract since 10/10 on a quadplex in Wisconsin.

Your attorney will review the contract, help with due diligence, and ensure that the closing process is handled properly.

If a rental/lease contract is a legally binding document...enforced by collecting rent...or enforced by an eviction process if rent is not paid....then can there not be a document (legally binding) for a tenant to sign that would relinquish their rights as a squatter or due process of eviction...

You would just take over payments on her existing mortgage.Another option is you write the contract for the $215K that Zillow estimates and you tell your bank that the $31K down payment is coming from a gift of equity.

If it's a double close, it's a full on contract to purchase. 

Since I'm not an attorney and can't give legal advice, I did a little more digging and found the passage below.