So, they could be correct or they could just be trolling for money, but you should have done final testing.

I stopped paying the 1%+ and my principal finally started to decrease, significantly.My suggestion is that you ask brokers for recommendations that are in the area where you are purchasing your property and keep calling banks and save thousands of dollars you can use to invest for your next purchase.Two things:  Your broker wasn't getting rich on a 1% commission and the 1% you paid to your broker didn't keep your principal from decreasing; it was probably the cash out he got you (and at a higher LTV than the bank would lend you I might add).Banks and brokers each have a place in the lending arena.Stephanie 

The provisions in the second contract govern the final close so you have to check for discrepancies that would invalidate your contract's provisions with the seller.

Finally, you post that your market is super hot for buyers, but then you don't mention what market you are referring to. 

I finalized the property on May 3rd and they told me they already have a tenant ready to move in (they did not take my approval or anything or even informed me their background).

Quote from @Heidi Fischer: HelloI’m a high W2 earner and have been looking for a STR and finally went into contract but can’t close until mid-end of December 2024.

I finally told the staff member who was a male about 6' 5" 350 lbs I was not going to sit there and be chastised by him for something I did not do!  

I have flipped about 8 homes, we had a plumbing issue on the last home that finally got resolved....but could have turned south if it was not.

Finally, we do not care about your tax returns, etc.- since these loans are primarily based off of the asset as collateral.

Finally we have Gun Subforum on BP..... :-)