Here are my rough numbers: ~100 responded via email (many had not read the ad well enough to note they did not qualify for some reason such as no pets and/or no smoking and were instantly eliminated), ~15 came to one or both open houses but about 5-10 of the 100 were still interested and indicated they wanted to see the unit), we got 2 applications of which one perspective tenant pulled their application after we started processing it (so they forfeit their application fees).

The clause held & he only got what he originally put in at the time of purchase & he paid all legal expenses to sign it over to us & subsequently forfeited any & all of their out of pocket expenses. 

I'd say they are in breach of contract and could forfeit their em deposit, but I haven't seen your contract.

So then you have to know how to deal with abandoned personal property (assuming that the previous owners don't take it with them when they are told to forfeit possession).

Your LLC's asset protection just evaporated.Both you and the LLC will be named as co-defendents and your personal assets are exposed.Just my 2¢

Buyer's, yes, if you back out without a valid reason (something covered by one of your contingencies) you forfeit the earnest money.

When that California investor pays someone to do all the work in Indianapolis, they forfeit the cash flow on the deal and are left with a long term play that may or may not even break even on a cash flow basis.

That is how you do it with a land contract - they (the buyer) does actually have a vested interested so you have to go through a foreclosure VS an eviction unless you have a forfeiture clause that they sign saying if they don't pay the payments they will forfeit their equitable rights Not saying this is so - more of asking the question.

The bank has agreed to our last counteroffer on the purchase price but now they want me to sign a form stipulating that we have to agree to forfeit our 10K in earnest money if we walk away at any point after I sign off on the inspection (i.e. like if we can't come up with the cash for some strange reason).The bank informs us that this is there way to feel more secure--given my 45 day waiting period---that I'll pay for the property by the specified closing date.

I would also stipulate in the contract that if you haven't moved the mobile within 30 days, you forfeit the mobile without any expenses to you (something like that).