http://www.michigan.gov/documents/dleg/redbook_217577_7.pdfYour other option is a Real Estate Principles Book off of Amazon.com.

I'd like to hear your story.The only thing i can come up with is if you somehow made the offer to fulfill the objective of a trust.

And man, you better have a receipt to back that deduction up if you are ever audited.YMMV, Objects are ALWAYS closer than they appear,Tevis

But unlike traditional flips, I remain a major principle, in the form of the financier, for years potentially.

with minimum --or no rehab --you are looking at fairly new --less than 10 years old -- and may brick --low maintenance --so you compare --replacement costs, cost per unit, cost per foot for whats for sale --and narrow down to number of units --say 15 to 25 as first target and not 15 to 50 -- Figure out how much NOI you need to survive -- and what type investment do you need -- will he cosign with you on a loan --how much down payment will you borrow from him --when do you what to pay back --or offer him equity sharing etc -- Business Plan is your own objectives and Loan Package is different from a Business Plan --

The bottom line of his principle is that if you are taking comps from sold properties in an area, you are doing it wrong.

Could have been a big syndicate.I see this sometimes where it's a pool of say 50 doctors, lawyers, etc. and they discuss certain objectives and returns.Half way through they spot better opportunities in other markets or decide to invest in a different asset class and pull the money from deals on the table.One fund did this here with pulling out of a 30 unit deal in Atlanta to buy a 200 unit deal in Texas last year.

It depends on your objective.

And then you still have other closing costs too ...If you are in this as a business, the objective of a business is to make a profit - don't make any offers unless you have a definite profit that you are seeing.

After putting a down payment on the principle, I talked to the seller and they would consider the contract fulfilled if they could get $500K cash now.