Can someone provide some guidance on how to go about the formalities?

Lesson learned and will be more careful in the future.At this point, I am going to have an attorney send a formal letter to cancel the contract and return part of the down payment less the work that's done.

Judicious use of refinances combined with 1031 exchanges will have you cooking with gasoline in no time.

-Purchase price = 88,500-Amount currently owed = 70,340-ARV =$145,000 (NOTE - we have not gotten a formal appraisal, basing this off comps in the area)-Lease= Signed 12m lease at $1125-Current Monthly Mortgage = $617-Credit score = 792-City = Greer SC

Leases, although it feels too formal to do with friends, are really important should their be any disagreements.

There's no way for an agent to know every problem a property will have before you do a formal inspection.

Over that weekend, the wife and I decided that paying this much for the credit did not make sense for us right now for various reasons...so, the evening of Sunday April 29th I formally submitted for a full refund via their simple refund request form online. 

My formal education in business management and marketing led to my MBA in 2005.

I do not want to do formal appraisal because it is too costly.

Can you send me a formal term sheet?