We just dont write many builders risk policies because it is not a fit for a buy and flip or a renovation property to rent because of the reporting procedures during construction and the extensive underwriting to get the policy started.

Granted if Congress changes the Rules of Procedure, then yes, it's gonna suck.

Is this the typical procedure for a seller accepting offers on a property?

Every state has a different procedure and that can vary some from county to county.

In Virginia, it was standard procedure to try to get you to sign a buyer agent agreement, but not required.

The title transfer means nothing, just a procedural thing.

If I do end up getting this deal done I'll come back and let you know what procedure we follow.

Follow the eviction procedure exactly as your state requires.

Older vintage product which would be C and D buildings being by the beach most likely in an A to B location were built on more expansive lots as land was more readily available.In most area land is now at a premium so things are much more compact and tighter.If you have a bunch of land next to the beach you might have a re-development play in the future.7.5% CAP rate on that vintage of a building is pretty weak.Most with that vintage want a 9 to 10% return.To drop almost 133,000 into a property for an annual 5,000 return if everything goes perfect is crazy in my mind.With that much money you should be able to leverage yourself into a much larger project.Given the age of those buildings when you re-model you will have to conform to the new EPA lead certification rules and procedures which run the costs up.What about deferred CAPEX??

Had the tenant not responded, or if they did but I won, I would have had to wait for the set out to take possession of the property.So, you really must have a discussion with an attorney in your area who understands local procedures and customs.