So, here's the situation;PP - 374,00O semi detached, nice house in the area, see entrance with finished basement.

At the very least it's very unethical to verbally accept and offer while still entertaining others.What would  you do in this situation?  

I understand I should have checked the payment to go through too, if not raise a flag and give them a call, but that would mean I'm doing the property manager's job and by  the way they answer their phone I'm sure we would be in this situation anyways.

@Doug Pretorius I am aware that this is a strategy used for much larger deals, I just happened to come across one where this situation might work.  

Too, the borrower in this situation must carefully vett the source of capital available to himself in these situations; he could find himself in the middle of a money laundering scheme or as a front man for a drug cartel, where his eventual choices can be incarceration or death.  

The hardest thing to do in this situation is ask.

Account Closedas others have mentioned: 1031 is not applicable in your situation in particular and when investing with IRA/401k in general.What you need is a self-directed IRA.

The previous owner paid for the heat and was wondering if anyone else came across this situation and what should I do about it?

Not meaning to start a raging debate about who's right, because I suspect any competent pro in the list above could do a fine job.Just curious about what the thinking is behind the various doc prep routes I've read about from BPers so far, and which one might fit my PM lender situation the best.Cheers, and thanks for any insight!

It could even ruin the seller financially, because they didn't understand the situation.