not that I'm an expert..I think that those people have already chimed in but I've closed only 6 properties in Michigan. ..All included an emd ...To tell you the truth the emd wasn't even my idea...it was requested by my agent with my offer...like it was a normal understood procedure. ..it let's them know that you mean business....On my last offer I put in a large deposit. ..why not..I planned on buying the property anyway..It must have made my offer look more appealing because they accepted it....

Due diligence is much the same until you get to the collateral.Collateral must be understood, if you're thinking of mortgages, your RE knowledge needs to be on par with a real estate broker, you need to know where to look up something you don't know, but know it well enough that you can spot collateral issues, past, current and future.

I feel like I have understood many of the concepts talked about on this website except for one.

I must be getting the hang of this Real Estate thing because I understood everything you said :-) The property is located in Albany, NY where the taxes aren't as high as Cherry Hill but thanks...

They understood, got caught up, and we have been 9 months since with on time payments, good communication, and a good relationship. 

You understood my question perfectly and that was the precise reply I was looking for.

@Peter Nelson Being new to this process means I fully understood about 2/3 of that post but it seems to me like I'm going to need to find some of that hard money you are speaking of to get off the ground.

Just wanted to make sure I understood exactly what you're claiming...

Then I worked for this gentleman that did flipping and maintained RE, I really didn't understand what it is then, but as I got older I found out and understood the potential!

Rarely does a tenant's repair list contain anything major that we missed in our own inspection, but it has happened for us on two occasions ... the most significant was a long-term tenant who told us things were much better since the owner upgraded the old oil boiler to a new natural gas one {we knew the boiler had been upgraded}, but then went on to muse that she never understood "why they didn't dig-up the old tanks like was done at the building next door."