Don't think that one particular out of state market will shoot you to success or abject failure.

This is just my personal opinion and certainly there are more experienced investors here, but I think that catastrophic failure (bankruptcy) occurs when you try to get too cute with financial engineering.   

Apparently they have had the property pinned and there was a failure, so they re-pinned and now house is not level.

Your post would indicate you're very new to this business and you're setting yourself up for failure by winging it.

In terms of landlording to a bar, I wouldn't jump into a business relationship with one of the highest failure industries out there.

A lot of house contracts fall apart before closing and one of the primary reasons is failure to secure financing.

I was going through their guidelines and noticed this line : "If Purchaser fails to perform under the Agreement,repudiates the Agreement or otherwise prevents the performancethereof by his own action (including failure to (1) providerequired documentation for any mortgage loan, or (2)because of any material willful overstatement of his cashor net worth in any mortgage application ), Sponsor may ,at its option, cancel the Agreement and retain up to 10%of the total purchase price, plus all monies paid foroptional extras installed , as liquidated damages."

Define failure.

Read my post to another new person, about calculating their risk of failure. 

Success/Failures?