I will not qualify for financing at the deadline if I don't find a buyer anyways...is that good enough to get me out of trouble or did I get contract flipping wrong (is it wrong to do this in this way)...Thanks in advance

Having some equity cushion gives you some protection.IMHO, you need three factors for a rental property to be a good deal:1) cash flow, per the evaluation we all discuss and debate2) equity, at least enough to cover your costs and to protect against some downward movement.3) demand, if you can't fill the units, its not a deal at any price.Two out of three is not good enough.

If your deal is good enough, people will be beating down your door within 30-min of you sending out the email blast.To avoid the tire kickers, get involved with your local REIA. 

Also... if it's a good enough deal there's a ton of quality people here on BP that may be interested in financing the deal for you. 

Money is a factor, but if you can get good enough, or build enough bridges you can find yourself a deal that you can trade a weekend toy for.

I am a top realtor in my market (18 million in 18/19) and focus exclusively on 2-4 unit properties I feel like I am good enough in my niche that a full sleeve wouldn't lose me much if any business. 

We would be getting the property at a good enough price where one tenant would cover the debt Service.

I have heard of purchase agreements written on napkins holding up in local court here so not sure if my fear is warranted.Does anyone know of any specific requirements in California that I need to worry about, or is the contract I have good enough?

The deal should be good enough when financed 100%.

I would think if you go around with a good enough deal you will be able to obtain hard money financing.