Question:  If you still go with the buyer that put the memorandum on the property, do they have to honor the price of the original contract that they put the memorandum on?

The 13-unit original motel, built in 1958, has been completely renovated to 2023/2024 standards and upgraded with all new electrical, plumbing, and internet structure throughout.

Originally posted by @Brian Bradley:@Jade S.

I am from Memphis originally and would be more than happy to help answer any questions you have about the Memphis area!

Also, the seller wants me to set the closing date on the contract to June 28th instead of our original closing date, which was August 17th, because she wants to receive the money in a timely manner to pay her back taxes.

Some hard money lenders may offer better leverage but the interest rate and origination fees will be higher.  

Originally posted by @David Carrington:My wife is a property manager here in CT.

Regarding the tax situation, I used the wrong wording in my original post.

Having supported several investor acquisitions of small balance multi family recently and originating mortgages for the better part of two decades here are some quick pointers and considerations for investors: - Residential loans are considered multi family properties of 1-4 units.

Originally posted by @David Chriswick:@Lance Lvovsky thanks for all this advice.