Times will be tough, time to trim the fat.

But he signed a legaly binding contract at 196,000 so we are waiting on the bank but my question is can they keep sending in other offer's to the bank when he already signed my offer.

heard of this happening for the purpose of accepting a higher offer.Once a contract is binding (signed and delivered to all parties), you can expect that the bank will honor the contract regardless of what other offers come along, so long as you perform on your side.I'm not saying it's never happened or never will happen, but I'd be willing to bet that it never happens to you or anyone you know...

I have only posted a time or two and am not overly familiar with the etiquette of such a matter.I have a client through my normal non-REI job in a suburb of Philadelphia whom is in a bit of a bind.

Where you get into a bind is if you are trying to liquidate quickly you could run into a struggle in this part of town.

Once I hit my target rental number, I'll pay off all the mortgages and get fat.  

There is no experience like doing it, and I encourage you to do so, but don't put yourself in a bind.

I constantly crunch the numbers almost monthly to see how much money I am making when including the amazing increase in the property's value each time I raise the rent and I do my math over and over so that I am excited and I can do the math in my head.So, when the tenant spit in my face my mathematical mind went into overdrive and this irate tenants idiotic move that resulted in an eviction just earned me a big fat paycheck.

Our cat is still fat, but she seems happier.

If they did, I would say, "What should I include in this document to make it a legally binding contract".