But for the people who are motivated and want to get deals done and build the community and level up together, it can be a godsend. 

The higher the deductible the lower your overall premiumbut get quotes on all the deductibles you are interested in.

You can contact some local property managers and get a better idea of the rental market.

The predicament we are in is the property is not in the condition to charge that much for rent and we would also leave a lot of money in the deal once we refinance if we cannot get in there to fix it up.

Alternative is to get a board certified real estate attorney to assist you.

It also gives you multiple work surfaces so you can have more than one person in the kitchen without getting in each others' way.

One challenge was getting the hotel occupancy up after renovation since no one had booked or stayed in years so there was no existing guest base.

Add that to the $1.2M and we get a total ask of $4.7M.The $400,000 in earnings could not support that debt service and he was unwilling to lease the real estate to the new buyer. 

No way is this a scheme to keep EM for the seller..Anytime I have had EMD disputes it usually gets solved with a 50 50 split since I know what will happen.. what happens is exactly as you describe.. money is to small to realistically hire an attorney to collect..

How do I get to 5, 10, 20 properties with DSCR?