If a senior lender is willing to allow a buyer or lender getting back a property sub2 to take over payments with no DOS future risk, I'd want more commitment than the letter as it was described.

Although not a commitment it lays out the salient bsiness terms and general legal requirements that are expected between the parties.

I don't want to lose this property (it's a tremendous deal) but I don't want to commit to losing my EMD if the POS comes back at some sky-high number!

You want something in writing that commits the seller.

I think that if you are getting into the rental game, it needs to be a long-term commitment with a lot of rental properties… So that the passive income ends up being something significant enough for you to reap the benefits when you're ready to retire.4.

Phil, commitment strategy > exit strategy IMO

It was sent to a second underwriter due to the fact that between the three partners, this purchase would exceed the 4 property limit (A & B have 3 properties, C has 1) The second underwriter wouldn't give a loan commitment due to this circumstance.

We just have to be committed in operating and conducting business in an ethical manner and look out for each other.

At the same time, it's a huge commitment.

Usually your loan commitment date does not start until the short sale has been accepted by the bank.