I highly recommend going with a bigger brokerage first to learn the ropes, contract language and tricks to the trade.

Just trying to learn, will an irrevocable statement (mixing another language like an Irrevocable Standby Letter of Credit / Irrevocable SBLC) or something similar of an instrument where both parties cannot take back what is in writing UNLESS another instrument is provided before the original is due.

Thank you both : )Matt - For a foreigner it is very hard to choose an area, especially in a country that New York alone is bigger than my own country LOLIf for example I want to choose an area in my country, it will still be easier even if I'm not familiar with real estate and even if I didn't visit it all (I didn't see most of my country :) ), because I know the language, the people, the rules (!!)

I thought I had read specific language regarding IRS prohibiting a flip, but your explanation clears things up for me.

What language does the inspection contingency have?

I inherited the tenants and am not sure what the late penalty language is.I contacted property management and am having a call in the morning..

They jointly and severally signed the lease (see if that language is in there).

@Mark SpritzWhile in the the year that you open the solo 401k plan you need to be merely pursuing self-employment activity (see IRS Publication 560 which lists this specific language), it is important to note that generally in order to continue with the solo 401k plan you must continue to to perform "material services" with the intent to generate earned income from self-employment.

Suggested legal language for Purchase and Sale Contract: Seller and Buyer each acknowledge that in connection with Buyer’s application for approval to assume the loan(s) currently encumbering the property (the “Loan Assumption”) certain items must be delivered to __________________ [INSERT NAME OF LOAN SERVICER] (“Servicer”) so that Servicer may timely process the request for Loan Assumption.

@Sade Williams, for your own education, any specific performance the "investor" may have would be dependent on the language contract executed.