The book goes into more detail and you can also use the search function to learn more about the following strategies.1.

We chatted for about an hour on Wednesday and they seem genuine, but I haven't had time to vet them properly.

Tell him to buy you out like a proper business person or pound rocks!!

Either they really need it and will not give back down payments because they can't afford to, or they realize they've found a sucker and can't wait to cash in on your ignorance.I'd say chalk it up to a win, as you learned more about doing proper due diligence before signing the dotted line, and overall this lesson was extremely cheap compared to the price that others have paid when breaking into real estate.Best of luck in the future!

I’m unsure how to properly approach, so I usually say “I was looking at a property in the neighborhood to purchase… are you interested in selling” (Paraphrased).

That said, @Richard Burke there are proper ways that rules (especially antiquated rules) can be changed.

Except for the unscrupulous wholesalers that try to re-market property already for sale at a higher price, proper deal sourcing and problem solving does take a ton of work!

It is fundamental for me to comp properties properly. 

Send a demand letter via certified mail giving the PM (and their broker if applicable) 10 days to provide a copy of the lease, proper accounting for the $$ and any deposit/funds remaining. 

@Andrew Li @OnYango Williams @Jason Edwards @Mark Gallagher @Shmuel Harris @Rob Singles @Matthew Kreitzer Sorry I just realized my previous post didn't post properly - thank you all of your advice.