., That is unexpected and disappointing.

So with big unexpected expenses, the sponsor takes on the bulk of the burden.

First they I'm approve then I sent the number like 162,000 purchase price  12,800 rehab arv 232,000, then unexpected came in can't  fund your deal

In addition to all the great information, networking is a key component.

Based on the info you provided, you might consider doing a lease-option where the lease component is very loose, allowing you to do whatever you want with the property and in return you pay the owner the amount needed to cover mortgage/taxes and you are responsible for everything else.  

All good answers, but sometimes it is just they haven't managed or established their credit scores yet, or got hit by an unexpected expense like medical bills, that destroyed their credit.  

It also has the psychological component of letting them know that if they skip out on me I will not hesitate to come after them myself.2.  

My question would be what is considered a component of tangible property?

This gives me some lattitude just in case anything unexpected comes up during closing. 

If the tenants are month to month that's no big deal, but as the new owner/manager of this property you'll have the responsibility of maximizing income and month-to-month leases add extra risk of unexpected vacancy.