Now, this doesn't mean it is not purchasable, but it does however cause the investment to have more risk involved.

I look at Bitcoin as betting at the black jack table & real estate is a real investment that i feel i can make calculated risks with. 

Lenders simply give the "clear to close" letting all parties involved (buyer, seller, agents, attorneys, title rep) know that a closing can be scheduled.Your agent will be responsible for vetting your buyers to make sure they have a pre-approval and can even ask for proof of funds.

Michael, it depends upon a lot of factors.For people involved with REI, it depends upon what you want to do with the business as there are different tax rules based on type of entity.For holding rentals, I generally recommend an LLC if you are setting up an entity at all.For flipping and development, I generally recommend an S corp.For wholesaling, my recommendation would depend more upon your specific business.

the 70% rule doesnt work the same on a 600k property as it does with a 200k property so how do i find out the accurate costs involved

You should always signed a written estimated contract specify what is involved, estimated hours and total cost signed. 

I would then call the lenders and get all details of the loan programs, fees and time frames involved.

Craigslist will be your best bet likely. 

A friend of mine had to do an insurance claim involving body fluids where it was disclosed to her that the insured was HIV positive. 

I would never put someone that in not involved, nor has nothing to gain or lose in-between me & my cash flow.