You should have a 593 form from escrow that they held some money back, and then anything above what escrow holds above and beyond that amount your CPA will calculate to pay next April or October 2025 (depending if you push back the deadline/file extension).

From an agent perspective, an inspection contingency or not and deadlines are usually clearly stated in the contract, to be reviewed before you sign, and you should have a copy for reference.

Hopefully the Sponsor is being very conservative in their returns and this isn't just a tight spread offering in a macro MF environment that is looking precarious. 

Give them a form to fill out if they want to make payments, so there's a clear schedule of how much they need to pay each time and a deadline for when it should be paid in full.

These have deadlines associated with them, so make sure you follow those.

I am assuming you closed through escrow, used a standard real estate contract and met the deadlines described in those agreements.

The market is tight right now, with higher interest rates, limited inventory, and high purchase prices making acquisitions challenging.

Managing the $73,000 renovation budget required careful oversight to stay within financial limits and meet deadlines.

It sucks to live in a job site, but you can go slow and conserve cash as opposed to renovating the entire place on a deadline to get it rent ready.

(and I have full time job so time is limited)Here’s a breakdown of my investment plan–I would greatly appreciate any guidance and recommendations on making this (or some version of this) happen.PropertyLocationAttributesB-level areas (A-D scale)Safe enough for my girlfriend to feel generally safe walking alone in the eveningWalkable neighborhood / close to transit (car ownership not necessary to live there)Area(s) of interest (not set in stone)Jersey City areaConditionB or C-level (A-D scale)Semi-distressed with potential for minor rehab upgrades ($35k max)DealbreakersFoundational issues / big required rehab due to FHA 203(k) max for streamlined versionSize2-4 units (higher the better)2-4br per unit preferredMax Budget (FHA loan limits)NYCSingle-Family Home: Up to $1,089,300 + 3.5%Duplex: Up to $1,394,775 + 3.5%Triplex: Up to $1,685,850 + 3.5%Quadplex: Up to $2,095,200 + 3.5%Hudson County, NJSingle-Family Home: Up to $1,149,825 + 3.5%Duplex: Up to $1,472,250 + 3.5%Triplex: Up to $1,779,525 + 3.5%Quadplex: Up to $2,211,600 + 3.5%TimelineTitle in-hand latest: Jan-Feb 2025Can potentially buy earlier if I sublet my current apartment in NYC as needed (lease expires Mar 1, 2023)Rehab: 30-45 days max of minor rehab/renoMove-in: on or before Mar 1, 2025 (hard deadline)FinancingLoan type: FHA or FHA Streamlined 203(k) for rehab <=$35kPossible conventional loan if I seek investment from family/friendsApproval statusGoal is to get pre-approved now in advance for credibilityMy statsEmployment: Full-time at large bankIncome: low-mid 6 figuresAssets: low-mid 6 figures (including 401(k))Credit score: 800DTI: 2.5% (student loan)Thank you in advance for your support.