Difficult to defend places -- hillsides with limited transportation options, etc. -- won't be allowed to rebuild at all.

In my state the standard contract used by realtors addresses this issue by allowing the agent to check a box specifically to limit the seller to keeping the EMD as opposed to going after "liquidated damages" like that.

The most important thing is to know the details of your local program like the back of your hand, then look for loopholes.Just to give you and the other BP'ers a deeper handle on why some TDR programs work and some don't, I just uploaded an excellent study on the topic to my FilePlace at http://www.biggerpockets.com/files/user/ChrisNewma...

With a Conventional Loan you can buy a SFH, Duplex, Triplex or Quadplex with as little as 5% Down if it is your primary residence as long as you have the intention of occupying one of the units for 1 year after closing escrow.This is the strategy I have personally implemented and have assisted many of my investor clients in doing the same. 20% Down is also beneficial as it keeps your payment low but it does limit your ability of buying more real estate faster.i would be more than happy to discuss the different strategies with you over the phone or in person.

So, to try to go a legal route because they might have fixed something a little over the limit isn't going to work.You will have to face that you selected someone that was not the right fit and be more hands on. 

Best to study these and do the correct due diligence beforehand so you are not disappointed in an investment.

Echoing some of the comments from others on this thread and adding that the LLC is purely for asset protection and limiting your personal liability. 

I appreciate the condo board’s efforts as a unit in a predominantly o/o complex is worth more to other o/o buyers, but it has to limit my buyers.  

If you had 20 years of experience, great connections in the US, and knew your market in and out then I would say you could probably leverage at a higher rate and could probably manage that risk because you have substantially decreased all of the other risks.You should really study what happened in the US during the 80's when overleverage on real estate put a lot of people in a bad spot.

Age doesn’t limit you a small mind and lack of creativity does.