.- If you have a loss which you might at least on paper, you can deduct all looses against your W2 income without limits.- Structure: Form LLC, if you have looses don't treat it as an s-corp yet, since it is an added unnecessary cost at the moment but do form it.- Have kids: Hire them, they pay no tax up to 12K each and you get to deduct 12K.

While new development due diligence might easily take 6 months +  so you would likely loose the contract before they would be able to complete their DD on the purchase.

The other thing is my father wants to retire and selling the property would be his retirement money which he is afraid he may loose if we go through in getting involved in a huge project like this.

You could tell the tenant tough luck, but what if they had nothing to loose and found some ambulance chasing attorney to sue you.

I actually don’t live in Colorado Springs, so location is somewhat loose.

These are not the most "logical"people, and I feel like she made me loose on a month of rent, so why should I refund her.

Do you just eat the loose of the good faith money or do you have another way of getting out of the contract?

If it's tiled and any tiles feel loose, that's not good either.

@Evelyn Tilman there is a lot of loose variables as a flipper that would make or break a deal. 

And it is the small guy like you with 1-5 properties who is not set up who has the most to loose.