What you're talking about is interest accruing from the COE date to when the next month ticks.

Just out of curiosity, would they still be obligated to sell to me @ contract price if they refuse to give back the earnest $?

Once purchased, that property will have continually-accruing expenses until it has sold again.

Out of curiosity, what did you ask him?

Though small, God forbid we face a major recession again your unemp benefits will kick in based on your accrued hours.Personally I like to be a w2 employee and have my side hustle on a 1099 for my tax write-offs.

Most straight forward and honest way to do things is:(1) Accrue enough cash to buy a house(2) Find a house for a great deal because you have cash and can buy it no prob and the person needs it gone now(3) Sell house for more than you paid(4) Repeat steps 1-3

Once purchased, that property will have continually-accruing expenses until it has sold again.

So amount of preferred return dollars will be higher for the 85% partner, since they have a more capital in the deal accruing a return.

Once it does you have two options: sell and use the accrued equity and income to buy a better investment.

We hung around the hoop, as 3 or 4 other buyers went in and out of escrow with the Seller before we locked it up.Regarding financing, the Seller agreed to a Seller carry-back loan amount of $3.45 million; 5% IO, 84 months, no prepayment penalty and (this is the best part) no debt service for the initial 12 months (however it does accrue to the principal balance).