You can put any clauses you like, but if they assert any loss of legal rights or waive remedies provided for under state laws (federal as well) they would not be enforceable.

I'd consider upgrading to a zoned AC system, if it's financially and physically feasible.

Or you take a loss?

If not, they become carryforward passive losses.

He needs to know he can get out of the deal for no loss no matter what happens.Your only choices are to wholesale it or JV with a money partner.

I would also look at converting the electric heat to forced air natural gas---of course this might not be feasible depending on the age / design / construction of the building but it's worth getting a quote.

I am exploring the feasibility of me doing this same strategy in Illinois... this post is super are encouraging!

I agree with Adrian, again....as mentioned states have set provisions for contracts pending in the event of the loss of an agent or broker's license.

The benefit is that your entity may not be subject to the Passive Activity Limits for deductible loss established by IRS. 3 Financial: If you are properly running your LLC (minutes, filling, separate bank account, filing taxes, EIN, getting your DUNS number, Getting Business Credit Cards, etc.).

Only hold onto it long enough to break even and then sell.Even holding onto a property until the market recovers is a gamble in profits vs. loss.