People should stop applying sale of goods theories to it.    

@Dave McIntyre were you able to / are you ever able to get access to the property after winning the bid but before closing (assuming it's  a vacant property)?

Everything on my side was set to close, and then today the seller is refusing to close on Monday as they have not moved a few pieces of furniture they were supposed to get movers for.

Quote from @Garry Lawrence: Hey everyone,I’m 19 and about to close on my first rental property!

I've found many properties with title issues wind up with unpaid property taxes so checking on delinquent taxes, tax deed sales and lands available for taxes might help you identify some.

Read your mortgage paperwork for the due on sale clause. 

If average sale for the area is 200,000 at 3 percent = 6,000You would need to close then 20 transactions in a year at the 3% level for 200k price to get the 120,000 commission.4.

Net Sale - Is the contract price, minus the closing costs and commissions.Adjust cost basis - Is the purchase price, plus capital improvements, minus depreciation.

For example on your $400K sale it might look like: 20% down of $80,000, 65% LTV 1st of $260,000, and a 15% 2nd of $60,000.

Add $500k, capitalized improvements made over your 10 years of ownership and closing costs.3.