Quality over speed saves time and money in the long run.

Am I required to hire an attorney to write up the contract and assist with the closing?

Their intent was to take possession of the property by end of this week presumably the 8th which is tomorrow.

Any thoughts / advice would be helpful Without knowing anything about your business, just based on your post I'd put the money in the business.

That about sums it up!

If you are starting to build up your real estate portfolio, you may want to switch to a CPA that specializes in real estate taxation.

There is so much nuance to these strategies.Another question popped up since my closing date is looking like it might get pushed back... what happens if the investor is not able to meet the material participation requirement by the end of the year? 

Then you can decide if you want to retain as a rental property (my plans) and/or sell it when the market heats up.  

I may have posted a similar thread around Halloween in years past but only because the paranormal and ghost stories entertain me so much!

If you read my previous post, I emphasized the importance of showing up for the right keywords.