The sellers are requesting what I consider an unusually short due diligence period to evaluate the business side -- only 20 days.  

I would really consider an investor that is will to do a bit of mentoring as well to assist me in getting established and in return would be able to make profits off of our relationship.I'm asking the forum because I am limited to available time with regards to face to face networking.

Another reason to consider an LLC is to seperate the type of business that you may be doing.

Agree with Don that $10 MM is kind of the minimum, although I spoke with an investor today that liked our model but said he wouldn't consider an equity investment in anything less than $100 MM, and wanted to know how quickly I could scale up.

If they don't, move along.Do not pay for conversation and consultation but be willing to pay for implementation of the entity structure and associated documents (articles of incorporation, etc)If either you or your son own other businesses consider an S corp.

I don't know, hopefully I can convince him to consider an alternative form of payment.In other news when looking into paynearme I found that they require a business tax ID.

yes we have a pre-approval...fyi, homepath will not even consider an offer without a pre-approval.

Why would you consider an entire city for the value of a home?

The portals & investors will not consider an investment if the developer is not experienced with a good to great track record. 

Unless there are major issues your budget is on the high side.You may also consider an Option to Purchase and try to find an experienced investor in your area to sell it to.