A 3% earnest money deposit should keep people from backing out but I would make sure you have someone else lined up or the cash to close if needed.It really depends on the area of town and level of rehab.

Property values in the area are flat (It's a town an hour east of Ottawa Ontario, an hour west of Montreal of around 10,000 people and there is no growth happening) so there is no real chance of appreciation on the property. 

My home town!!

Planning to use BiggerPockets, a recommended reading list, and meet with an older longtime investor friend and explore a mentor relationship down the road.

I don't technically qualify for FHA or conventional loans, so I'm hoping to explore potential other options for financing, perhaps portfolio lenders at smaller banks, perhaps a partner that would like to team up on a property? 

I am purchasing the property in Town of Brookhaven.  

I also have buyers who know very specifically what town, county, zip code or property type they want, and that really helps me help them.

I know that there is value in it but there is an unknown to how much rehab would cost  and I’m also not familiar with this town’s market. 

Let me know next time you’re in town and we’ll have coffee!

Our vacant apartments are in a blue collar town where 19 and 20 year old are getting factory jobs for $14-$20 an hours, but no one has any savings.