Good morning fellow BiggerPockets,I just received a final term sheet from Acqua Funding with a line item called Capital Markets Fee of $2250.

It defies logic that the lender would not have a firm date by which they must be repaid.

The Buyer agrees to use commercially reasonable efforts to secure such financing within [Number] days following the execution of the PSA.Closing DateThe closing of the transaction (the "Closing") shall occur on or before [Proposed Closing Date], or such other date as may be mutually agreed upon by the parties in writing, subject to the satisfaction of all conditions precedent set forth in the PSA.Condition of TitleThe Seller shall convey to the Buyer good and marketable fee simple title to the Property by warranty deed, free and clear of all liens, encumbrances, leases, tenancies, easements, restrictions, and other exceptions to title, except as may be expressly approved by the Buyer in writing.Property DocumentationThe Seller shall deliver to the Buyer, within [Number] days of the execution of the PSA, all documents and information relating to the Property in the Seller's possession or control, including but not limited to, title reports, surveys, environmental reports, leases, service contracts, permits, and warranties.Non-Binding NatureThis LOI is intended solely as an expression of the mutual intent of the parties with respect to the proposed transaction and does not constitute a binding agreement, except with respect to Section 9 below.

From what I have read, providing a flexible closing date is the best thing you can do since the seller will only have 45 days to get into another property.

It appears if it wasn't under an LLC, it would get a full step up in cost basis at date of death.

Based on your assessment of the spread, if it makes sense, then jump in and make an offer but try to push the settlement date back as far as possible to give you enough time to come up with a detailed execution plan for turning the property back into market. 

I know that many of my fellow investors buy in the actual city of Detroit and their furnaces, water heaters, etc. are stolen from their properties. 

I am happy to see that most people at BP are very helpful towards their fellow investors. 

If this election is made, the term “section 179 property” will include any qualified real property that is:Qualified improvement property as described in section 168(e)(6) of the Internal Revenue Code, andAny of the following improvements to nonresidential real property placed in service after the date the nonresidential real property was first placed in service.Roofs.Heating, ventilation, and air-conditioning property.Fire protection and alarm systems.Security systems.https://www.irs.gov/publicatio... 

Money Mustache (MMM), a fellow Canadian who retired at 30, supporting his family through his investments.This introduced me to the concept of financial independence.