I always strike that out and my realtor doesn't object. 

Ugh, I am so sorry Peggy L. this is the scenario that strikes fear into the heart of any out of state investor.I am so grateful for all of you Texans that have already stepped up.Peggy, I asked for a legal adviser in another thread.

Does this strike you as a good investment property?

That way if Murphy is feeling frisky and strikes while we just happened to have pulled out a chunk of the cash to purchase a new building and the amount needed exceeds out minimum cash-on-hand, we can fall back on  the LoC.As an example, let's assume our minimum threshold for cash-on-hand is $50K, but we presently have $150K in the CAPEx reserve (earning 1.5% in the bank).  

If they send you a deal you like strike fast.

Here's more from SPOA RENT STRIKES: Are we exaggerating?"

Especially if we finally see a return to 5-7% nominal rates, ie rates a little closer to historic averages.I do think properties in the $1,200 price are obviously less susceptible to a downturn, but I think we may see millennials moving to SFH's as they start families in this next recession, vs when they were single and just moved to apartments.In short I think we need to seriously consider the next war may be a quick strike, rates going higher recession vs a prolonged trench warfare of over priced homes.Personally we are thinking about slowing down, maybe being a little more selective, holding firm until we find higher returns etc.

You could Recast and continue to pay down the loan, but have the availability of cash flow if trouble strikes.

In such case, what would motivate the Seller to be a "nice guy" and give that developer the ability to extend closing when that same developer increased the value of the land over the strike price?

I have not invested anything yet but I am preparing to be ready to strike when a great deal comes my way.What about you?