Additionally, send a demand letter to the buyer for the earnest money if they failed to obtain approval within the required period in the contract. 

That way you can steer the discussion where you want it to go - if you give the answer before they can ask, it turns into a statement instead of a negotiating point.  

No one knows when, even the "experts".My thought is this: Obtaining a mortgage is more difficult today, and people are putting more money down than they were back in 08.

It's best to discuss it with a tax expert before embarking.Most retirement plans require covering your employees, as well.

I do hope more investors take in what you discussed @Frank Chin. 

I'm a bit discouraged because, as a beginning investor, I was hoping to use basic financing methods (read: conventional loan) to obtain my first property, but that is beginning to seem like it isn't an option. 

I know this is a long read but searching the forum I didnt see much on discussions like this. 

I know that some still look at obtaining a mortgage here in 2018 as a minor, inconsequential and trivial task after a deal is negotiated on the real estate side, but for the rest of America, who need to obtain a mortgage, they know or will know, it's not a cake walk.   

Joe Pate at Pate Appraisals was very prompt and friendly and seemed fair in his inspection of my duplex, discussing things with me afterwards that could affect valuation.

Feel free to PM me and we can discuss various areas of the city and I'll give you my opinion on their potential for upside.