If these are all disregarded entities (single member LLCs) or closely held LLCs, there is a chance you could get in serious trouble doing this kind of thing, as it is likely the Judge would just Bench Slap the idea as being a flagrant attempt to circumvent federal law. 

I think you'll be hard pressed to get any money, though I think you do have some grounds to stand on.

Kenvest,Thank you so very much for your tangible legal fact, I’d just called my realtor’s staff manager in regards with "time is of the essence", without a pause, he then tells me it’s already on the contract, he was stuttering and said he’ll reread the contract after I asked him why did he agreed with me then when I though I would have to lose the 3% of the selling price for breaching the contract if I’d decided not to agreed with their last postponing and wanted out, in addition to my comment to him that there ought to have some kind of protection for my situation.Just myself to blame for not reading the contract thoroughly (rookie’s lesson # 1); took it for granted; relied on the realtor’s verbal review of the contract with me which appointments always set to be her last one of the day (whenever comes to signing anything) and under a time pressed that she’d to leave soon to pick up a member of her family… I would have dropped this deal if she’d elaborated that term especially when the seller is not responding to my asking of some kind of compensation (naturally, since I’d agreed to their last postponing without using that as a leverage at the same time), let along she didn’t let me know about the property is in a flood zone until the last minute when I’d to signed off my contingencies (supposedly a week prior that they’d even admitted but with an excuse) and reluctantly went through with this deal since I’d spent so much time and effort on this property already, on top of the $1K spent on “two“ inspections along with the upfront appraisal… 101 other reasons for me to make a snap decision now to drop this deal in a heartbeat without worrying the losing of 3%!

The Government press release does give a different impression than the quotes in the media articles.  

Regardless of the state, you will be hard pressed to do a full gut rehab for $30k.

I'm not saying agents can't or won't, but you'll be hard pressed to find one that will.

Eric, I think you're going to be hard pressed to find someone who's going to say "no, don't get a lawyer".However in my experience it's common in smaller #s of residential units, say up to 10 or 12 units, to use the "standard" (RIAR) multi-family P&S since it does cover the bases for residential rentals.The fact that the financing is "commercial" doesn't necessarily affect the rest of the deal, other than your taking into account different loan terms in your analysis of course.

You will be hard pressed to find another multifamily building in this area that is for sale, at a reasonable price and in such good shape.Duplexes in this area and/or the Highlands don't usually look good on paper due to the high comps and low rental income (compared to a larger multifamily).  

If I were you I would keep pressing. 

If you area single member LLC and you don't want to take the time to learn the formalities of running an LLC the answer may be no.I suggest you  check out NOLO Press website and books.