When I made the offer one of my stipulations was that the issue with the delinquent tenant would be remedied by the time we closed.

The contract stipulates basically everything as far as keeping the title clean or otherwise we can sue for performance.

The rules in NY state where I am is that closings are final, you cannot pursue after the closing, unless the P&S contract stipulates "errors and omissions shall survive the closing".

Hi Callum,That is true when you have 5-10 financed properties, you'll need 6 months reserves on all properties you own that are:- 1-4 units residentialand- that are financed or encumbered with debt (doesnt matter if there is one lien or 2nd's or 3rd liens, still counts as financed)However when you have 1-4 financed properties the guideline stipulates that you only need 6 months on the subject property and only 2 months on each subsequent financed property.Yes you can use retirement assets (60% of current market value) as long as you show terms of withdrawal for the retirement account since some state pension/retirement systems do not allow withdrawal till retirement.

When cities sale property to private owners, they generally come with some stipulations. 

What are the qualifications and stipulations to obtain 203k loan?

@Chris LongI’m fairly sure that appliances are considered appurtenances meaning that unless they are mentioned in a special stipulation on the sales contract they go with the property.

If you find a clause or two elsewhere that you really like you can add it in the special stipulations section.  

Property ManagementFinancing (Your mortgage payments, or owner-financing)Utilities, depending on whether each unit is individually metered and whether the current leases stipulate that tenants pay utilities (they should, and a four-plex should be separately metered)Water, and sewer (if applicable)TrashHOA fees (if a condominium complex or "special" gated neighborhood), yours shouldn't have any.Adjustment for vacancies (they do happen)Monthly "put-away" money for CapEX (capital expenditures, or major purchases, replacements, etc. think roofs, HVAC, etc)MaintenanceProperty TaxesProperty insuranceSpecial liability insurance, depending on where your property is.

What he should have done was give you a bid, with the stipulation that any additional work that is required and cannot be determined at the time, would be negotiated.