*Strong Economy – Phoenix is sustaining a healthy housing market, with thriving sectors like technology, healthcare, and finance continuously recruiting new residents and providing them with job opportunities.

Are you targeting any specific areas/neighborhoods like Maywood, Garfield Park, Speedway?

Seems like easy savings. 

It sounds like you are trying to buy a second property with less of a downpayment than 20 percent.

Private lenders, like who I work with, prefer to lend to properties held under an LLC. 

The property is likely a little too expensive for me to qualify for with a conventional loan based on DTI.

Drop the address into https://awning.com/airbnb-estimatorIt works like AirDNA.

I've heard situations like this go south way too many times. 

I like the market because of stable employment from hospitals and universities.

If not and you wrote them the check, then most likely the $ is gone and suing for that money will cost you more than $1000 unfortunately.So cancel the agreement and request the funds