Typically they give you 30ish days to get the funds and in the time you might be able to find a new lender but every bank is different.Yes you'll still be able to claim the tax benefits as long as you qualify even if the property is in your LLC.

I'm also looking to build a reliable team, including an agent or property manager, to assist with this long-term investment.If you have any recommendations for the area, I'd love to hear them.

Interest is long term appreciation though some sort of positive cash flow would be ideal.thanks so much !!

I am small time though built about 300 homes in the last 7 years or so.. 4 developments and spot lots in Charleston sc and  Ocala FLA ( Fla was not worth the effort for us)..

Also, after 6 months like you said, I believe you could easily get a cash out Refinance with a DSCR option that would be in the 5% rate as well.If the owner is not interested in Owner Financing, as long as this a 1-4 unit complex, we could get you financed at 80% of purchase, 100% rehab at 11.25% Interest only, I may be able to go as high as 90% of the purchase, but I would need additional information.

Sorry it took so long to reply.

He recently had a death in the family and is irritated that I won't give him time for to deal with that, but this has been a problem for long before the death and now he won't return my texts or answer my phone calls. 

I wonder if he bit off more than he can chew.Its been a tough road last 3 years or so..

Also, when using a purchase-seller agreement, what should you include in the contract in case the buyer or seller decides to back-out at the last minute so you are not stuck with the "bill"?

We got a really good deal on it because it was sitting for a long time and we came in under asking direct to the agent for the seller.