The only traditional multi family is a 7 unit building.Sounds as if the lenders will finance only a portion of the project, unless some of the buildings are pre sold to take them out, then they will commit to the entire project.Because of the rural area, do you think the tenant base would be strong enough for investors to be interested in buying a few of the individual 4-plexes once they were rented or rent guaranteed at a 10 CAP?

You can only back out for the reasons allowed in your contract, such as if the buyer doesn't obtain loan commitment on time or wants repairs that you aren't willing to make and they decide to cancel.

I commend your commitment to continue to improve the service.

Once you closes on a property you now have a major commitment for years to come even if you decide to sell it 6 months from the purchase date.

OTOH, if you sign the statement saying you're going to occupy it and then immediately rent it out, you committing loan fraud.

Don't make long term commitments that you'll regret later.

I'm still in the very early stages of learning how to do this and it's going to take a lot more research before I'd commit to actually doing it.

Negotiating terms with HML myself, and the lender in question (recomended and used by members of local REIA) is asking me to pay5 points (as loan value is very close to his minimum)$350 Appraisal $750 commitment fee (this seems a bit fishy to me)$1500 for his attorney feesNot sure if I should expect to pay his attorney fees, or a commitment fee

The wole time I was watching that farce, all I could think was that I would like to burn that house to the ground, commit a hate crime against the project manager, and send A&E an invoice for my lost time.That show should be on between Jerry Springer and Maury Povich so the lowest common denominator of society can enjoy it.

There has got to be local institutions willing to finance a deal like this, especially if OP commits an additional $5,000 to improvements.