Backing out of contracts is legal, however it is not ethical and you will burn bridges instead of making business relationships.

Hey @Marcele Johnson, I saw in one of your responses that you might be concerned with the property passing FHA requirements.If that is the case, you might want to look into using a business purpose bridge lender who would be willing to lend a certain % of purchase price and include a renovation portion in the loan to make all of the necessary repairs.

A BRRRRR stategy to consider is a 12 month bridge to acquire the property, rehab it, and rent it.    

Do or don't when it comes to a "Recourse" loan? If you have advice on the PROS & CONS of these loan structures, I'd to hear it.

I am a realtor in Rockland County just over the TZ bridge and can attest to the fact that multifamily properties in commuter friendly areas rent in no time. 

Furthermore I have worked with large construction companies on road, railway, tunnel and bridge projects.

I would be upfront with the agent because you really don't want to burn any bridges if you are wanting to be a serious investor in your market. 

The 12 month conventional seasoning is for cash out only, NOT rate/term. so what we do is give you a cash out loan at 75% in the form of a short term bridge loan out of our own pocket, our money our rules.

Lee, I can sell you my interest in the Brooklyn Bridge using a quit claim deed and I have sold you nothing because I had no interest in the Brooklyn Bridge.

I have so far liked markets in Kentucky think bourbon trail area and Natural Bridge State Park area.