The PA has more than one "escape clauses", one being "verification of due diligence documents", another being "contingent upon satisfactory inspection results". 

Of course, that's the last thing you want to do and if they give you a hard time about deposit, you could hire an attorney to review the P&S and see if there is an escape route you could entertain.  

For background, I live in NYC (Manhattan) in a rental and am interested in purchasing a property in East Hampton partly for personal use to escape the city and also partly to generate rental income to offset the mortgage costs.

There is also a DSCR loan (the acronyms are escaping me ) where if you put a renter in that property and it cashflows, you're good to go. 

I eventually want to be financially free to experiment as an entrepreneur, and escape my 9-5 to do real estate full-time.

I know you are not taxed on the gain that occurred when it was a personal residence, but I didn't think you could escape taxes from when it was an investment property.

I had an intruder on the fire escape of a multifamily last night and the tenants are suggesting cameras.

, you might consider putting an escape clause in the lease that allows you to cancel the lease and return their deposit/first month's rent at any time without further redress by the tenant.

It should also define escape clauses, should one partner need out of the relationship.

The walls are done and the shower is in but everything else must be completely installed from floors to the kitchen including a fire escape.