Thus I can see a PM with this fee structure insisting on a contract breakage fee (a % of the remaining term), and I would not object to that.

You should also complete a memorandum of agreement and record the document right after closing which will help keep him from selling from under you.Since this is a flip, it is best to not only keep the escrow open, but to insist that your end buyer use your title company.

But, if someone insists on using those terms, I think it's fair to say "two story" and "has a basement".Additionally, in a split, if the entire lower half is finished (other than the crawl space), it's safe to say "fully finished basement."

I insisted to take a look of this property because I was curious on why the location of this property is almost out of state boundary.

He has spoken to the bank, agreed to pay their price and terms, but the bank insists that he goes through the Realtor thats handling this property.

Talked to him this Friday, and he informed me that the attorney for foreclosing property insisted that I either close or lose my deposit.Thank you,HH

Time shall always be of the essence".Basically, as long as I am moving forward and not intentionally delaying things, extensions will be granted.As an example, if the bank insists on a inspector from a particular list but none of them are available for 2 weeks, this is outside of my control.

We also insist on a copy of a state-issued ID from the prospect. 

If you insist on buying in that complex, at least Section 8 means you will actually collect your rent... but they still might not stay all that long, and when there is a turnover of a unit it will likely be a costly one (i.e. plan on redoing all finishes and many/most fixtures each time).

If you find a house that makes sense, and you cannot buy it, come back here, give the specifics, you will find somebody who wants to work with you or at least would give you money to buy that deal.If you are insisting on buying a house with 10K,  don't buy as an investor buy  as your primary residence, house hack for a year, then rent it.Good Luck!!!