In fact, a bounce rate of up to 10% is not unheard of.

A lot of my experience is in rehabbing/flipping residential properties, and a spread like this would be unheard of in that business.What am I missing here?  

I'm not a lawyer and this is not legal advice...Six months is certainly excessive, but not completely unheard of when dealing with a probate case - the file normally has to get on a probate court docket, work it's way through the system, and eventually the judge orders/authorizes the sale of the property. 

Between the two rentals, I was pretty much living for free.After my first purchase, prices here on the Island were appreciating at about 20-30% a year and finding another two family with positive cash flow was unheard of.

I think they even had a baby, unheard of today.

It is not unheard of for a buyer to pay 5-10k more on price to get a 5-10k credit toward closing.

That is unheard of here. 

Tracking down to the individual parts is virtually unheard of in construction precisely because it's so tedious and expensive to do it.Problem 2 - Make people buy things on separate receipts and mark the receipts for each job.Quickbooks premier is about the best off-the-shelf solution you're going to get without spending huge bucks on a custom program.

All this has to be discussed prior to agreement.Now, if you trust this person - then half down to cover labor and material costs and half upon completion is not unheard of.

Here in Illinois that would be unheard of.