Congrats on going under contract!

Half of the PM's down here can't read contracts, don't know how to inspect a property for damage, etc. - they just use whatever contractor is giving them the most free stuff at the time.  

Stay on top of things, stay organized, and track every important date, from due diligence to contract extensions.Early on, I got myself into some pretty stressful situations.

My first deal looks like it will fall through because the bank doesn't like my work history. (4 months as a union electrician, which the bank considers contract work).

Gives you time to go do more deals and get more contracts accepted for the next one. 

However, he asked me to sign a one-year Exclusive Right to Represent agreement, as presented to him by his brokerage.His interpretation is that it applies only when he materially assists me, but I think the boilerplate brokerage language he was given reads much more broadly:"If during the term of this Agreement Buyer enters into a contract for the purchase of Property through the services or efforts of the Broker or Buyer’s Brokerage Firm, or by or through any other persons during the term of this Agreement" (emphasis mine).My concern is that, under my interpretation, if a fellow real estate investor wants to unload a property or if I get pointed to an opportunity by a former agent, colleague, or friend, this agreement could create an obstacle to moving forward with the deal.In the end, I didn’t sign.

I just bought a SF rental from a wholesaler in Detroit (just north of Bagley and south of Ferndale) and have another on market deal under contract in the Morningside area.

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

There is also a provision in the promissory note that states in the event of default, we must deliver the property back in the same or better condition from the time of purchase. 2: We will deed the property back to the seller & execute a contract for deed.

I know this because they filed an affidavit which clouded the title on a land contract that I purchased from them.