Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

As for the law cited above..... your concern would only apply if you took individual checks on the deposit originally.

The hard money lender will still analyze the deal but they are more concerned on the refinance step to make sure you are good. 

I suppose this could happen with any seller regardless but I am also concerned given his age and ill health, what if at the time of purchase his interest in in probate or held by surviving family? 

What is your specific concern: the smell will bother other tenants (if multis) or that it could turn into some sort of drug lab?

If they're concerned I'll lose some or all of the account value at the same time as I default on the loan, they could roll the contribution money into an identical account at their institution where the only investment option is cash (or whatever they consider safe enough). 

I am concerned that because of my age and lack of money I will not be taken seriously by banks when trying to secure a mortgage.

Hi there, I am a new investor working on my rehab quotes. I am currently working on a property that has sloped floors on both the main floor and basement. Same side of the house but not sloping in the same direction. ...

If your PM is not licensed and/ or using this agreement that might be a larger concern.

One of my bigger concerns is that it is on well and septic -- my concern is more that I've never dealt with that before -- but the owner said he installed a brand new septic system last year at considerable cost -- and, of course, I'd have both systems inspected as a condition of sale.