@David Song I don't really recommend vacation home as an investment unless you going to quit your job and manage it buy yourself,  short-term rental is too much work and thats will cost you so much money to the property manager so in the end you could just buy a long term rental and use that money to come and stay in Disney hotel :D 

Finally, you may be able to forgo all of this if you can sit down and have the tenant sign a simple payment agreement for the outstanding amount. 

First is the very real possibility of losing the auction, having it cancelled or rescheduled, or getting stuck with the decision of forgoing your exchange or over paying for a replacement property.  

You know the rest of the words to the song.

Carl,Good on you for going after an off market deal. the part i'm not getting is it seems that you and seller agreed on a price and then the agent /pm of the building inserted a 6% commission.

Would you forgo the $20K to get out of it today?

I like your enthusiasm for going big though!

@Tommy Simpson, you're singing my song - I have a particular interest (on the construction side) of doing just this... here in my neck of the woods however.Since it appears the lot may be large enough from a gross acreage standpoint, you need to figure out the net usable area (e.g., lot shape, topography, setbacks, min/max footprint size, areas that may not be suitable for building upon, etc.).  

You come across that property that you can get for a song.

After talking with you might Real Estate agent and you I am going to forgo the management company.