When I started, I  submitted great deals to a corporate cash buyer,  they went behind my back and secure the deals with the sellers, after the  contracts expired.

Down Payment + Closing Costs = Cash to Close.For your purchase contract, I'd have suggested an escalation clause requiring proof of next best offer upon acceptance.

If you already have the buyer and the seller in agreement, you can probably skip the LOI and go straight to a contract.

You can protect yourself with a short contract period.

The second home is under contract to sell for the same price, 257k. 

Hi Laura, I just went into contract on a 4/2 in Sherman that is already tenant leased. 

It's very marketable (you can do audit, taxes, bookeping, financial work, consulting etc) for when you do need to be employed and it can also transfer to self employment/contract work if you need cash here and there. 

As a matter of fact, far too many these days don't write contracts or stick to their price commitments after the project is well underway. 

Over priced, layout is awkward, junky neighbors, back on market/under contract multiple times, bad photos, bad timing(got buried from other listings, weather occurrence, etc). 

Just make sure you go through the contract they present.