If it is legal, and depending on the contract language, the seller may have violated your contract. 

Some background: I'm currently in the market for some small multi-families, and believe I've found a great deal near a research university.

@Nicholas Lohr, how we handled this in 'simplified language' in our LLC Operating Agreement is this, using rounded number for simplicity - 1) We bought our rentals based on a price of "100 times monthly rent", meaning a duplex bringing in $1500 a month cost us 150K. 2) That is also the price we agreed to value them at if/when someone wants to sell their share.

It is across from an all girls university.

So, we actively engaged in letting the universe know what we wanted.

Pros: Let's say West Hyattsville is closer to more amenities and can tap into the University of Maryland student market, without having to be in College Park.

The financing contingency language is the key.

Now I want to actively get involved and hopefully meet others in the Reno / Sparks / Tahoe area that have found success in this hot market.I am originally from Southern California and went to school at the University of Nevada.

I finished my bachelor’s degree in business from Southern Illinois University - Carbondale, Illinois and took my first job out of college with Hunt Construction Group as a field engineer on the $250 million Kansas City Royals baseball stadium project.

But the best school anyone can go to is the school of hard knocks.3) This comes from my education at HKU (hard knocks university) It is better to practice on rental property than your own property...