Pro Tip: Always skip trace your returns (undelivarable) mail.

I can only speak for MN but earnest money would not be returned if they "backed out".

I think you could have a better return on your time investment.

Else you will be filing many state forms and corporate tax returns for little return.

But I'm borderline fearless in some respects- my only real fear is not getting a return on my investment .

@Peter Torres - With a $1.2 Million budget, there are many locations throughout the United States that will give you great returns.  

Will that mass of people return to New Orleans or will they flock to Dallas and Austin?

Hi Quinton,This may or may not be applicable to you, but if by "unemployed" you mean "on temporary disability, but my job is waiting for me when I get better, and we have an estimated return to work date," than this would be a scenario where ADA trumps ATR and you can still get a traditional mortgage.Fannie guideline on long-term/permanent disability, on social security disability, and on what may be applicable to you: "temporary leave income," which includes short term medical disabilities.For that last one:Just like women/men on maternity/paternity/pregnant leave, a gap between temporarily reduced income due to medical condition, and your normal income, can be made up for using asset depletion.

I'd like it to be a multifamily as I have the capital and the returns are better.

I'm trying to find a good deal without forcing one - meanwhile, balancing the temptation of big spreadsheet returns on properties that might be realistically more headaches than they are worth.