We decided not to set up an LLC but through other forums we understood that best practices are to open a checking account for rent and expenses an a savings for CapEx, etc.  

Understood.

I had mentioned this at the last meetup in Erie, but didn't feel like I really understood, so thanks for popping on and clarifying.So, I guess I'm wondering what the odds are of being a brand new broker, with my license fresh off the printer, approaching another broker and saying "Hi, I'm Linda.  

All, of who, will share in the fruits of our labor...only on a delayed basis.So we are definitely in a unique situation...however...I have never understood why that is so...I met a carpenter in San Diego once who was working on a restaurant interior...he shared with me that he had a regular job and that this was sideline work (on a Saturday). 

@Corey BogaskiSeems like you mostly have it understood, except you said "use it on another deal without paying it back." 

Make sure you understood the contractor correctly and as stated above get a couple other opinions.   

It is understood by the signers of this offer that the money paid is to voluntarily terminate the lease currently in effect before its original ending date.___________________________           ________________April                                                   Date___________________________           ________________Bob and Sally                                      DateBut yes, if you can get them to move for free, go for it.

Luckily, the town inspector understood that i was going to fix all these things and gave a CO anyway.

The thing I never understood about utility bills in general is how the utility company can let a water bill run up to $7k before turning off the service.  

So I writing bellow what I understood and I'm asking you to explain, if I got it wrong.