Anyone who will call a contractor to adjust a toilet floaty ball is not okay with me.I also like individuals, I can't stand property management companies.

Your partner deferring payment until the prop sells is perfectly fine and makes sense to mitigate the risk of running out of money (which would necessitate borrowing from a party that is not disqualified, or selling project "as is", likely at a loss).If you had personal cash, you could also partner with your IRA on the front end of the deal (take title in both names), at a predefined % split.Be aware that flipping profits in IRA accounts are potentially subject to the stiff UBIT tax, based on "intent" to flip, which would be determined by the facts of a given case, as well as pattern of activity.

Do you stand lose EM on this if you don't close by contract date?

I follow up with a phone call, ONE phone call, two days later, a letter 4-5 days after that and a notice my offer no longer stands (worded more friendly with a slew of options for the seller to keep the opportunity open) a few days after that.Some sellers will just have second thoughts and choose to avoid the confrontation of directly turning you down.

It may consist of some right, interest, profit, or benefit that accrues to one party, or alternatively, of some forbearance, loss or responsibility that is undertaken or incurred by the other party.

Regardless of what side of the political aisle you stand, there is no denying the obvious.

Are there any examples of ads on BP that I could build upon, to make sure I am talking the same language and model a deal that is to the benfit of both parties?

Market rents in the area are a little higher so we are hoping to raise them to around 700-750 with a little work which would put the cap rate closer to 11% for us.I haven't talked to the seller but from the 3rd party that is introducing us he said he is willing to take a sellers note.

If BiggerPockets has been beneficial to your real estate investing or to your business, please get in touch and hopefully we can feature you in our list of case studies.It is a great way to get yourself some exposure and to give back to BiggerPockets.We look forward to hearing from interested parties!

Jack Bobeck, if you are going to borrow money from a "private lender" who, for purposes of this conversation can be assumed to be less financially sophisticated than a bank, I feel you should be willing to stand behind your signature.