.: Quote from @James Jefferson: Hi, I have a family member that had a reverse mortgage on their property it's a 3b 1b 1 acre of land heats by oil no hvac and on well water.

If you put down an earnest deposit, you might lose out on that if you decide to back out(potentially). look at the agreement.The more important thing is, do you quality for conventional financing?

Assuming identical properties, a 3/2 in Largo FL 2 miles from beach with no pool or hot tub: $50,000 a year. 

With record low inventory and sales transactions there's no low hanging fruit.In this market we think the best opportunities are value-add (BRRRR'ish), zoning changes allowing density (ADUs), or seller financing deals (buy a lower rate).

And you can "automate" the place with things like a smart thermostat, combo door locks (no lockouts!)

The issue is that if they say no, and no one else bites, I've shot myself in the foot. 

While this strategy may work, the way it's structured right now leaves you with no leverage and puts you in a risky position as a beginner.

So no Board, nothing to manage except State law...the organization docs for the HOA should have identified when the developer maintained control, the terms for it to be turned over and at turnover you would establish a legislative body which would be the Board...

Closed with no issues, inherited great tenants and have really enjoyed living in this neighborhood Lessons learned?

In my home I have no guest bedrooms.