The market is extraordinarily slow.

The property management company has not provided any updates, not provided alternative living and has generally been slow to respond regarding action moving forward but has brought in fans, pulled up the carpet and base boards. 

Teresa, I have attended similar seminars that have this same type of doom and gloom mentality, and while I do believe that because disclosures will potentially, and initially more than likely will, slow things down with the mandatory 3 days to present to buyers and for them to sign off on them, I do not believe that ultimately 30-day closings for non-cash buyers will be a thing of the past.  

If you use net leases, tenants will ultimately fight over the split, the tenant who has the utilities in his name, might get taken advantage of by slow paying tenants.  

The last thing we need is construction to slow down because of the tenant.If the rent is free or close to free, thinking it could easily make sense for someone who already has a place and is paying rent/mortgage but wants to "embed" in a project for a couple months to learn.Cheaper than a guru course for sure

Alternatively, perhaps its best to notify them and withdraw your offer.

Especially about the hedge fund purchases and slow down.

@David Faulkner - What leads you to believe Orange County real estate will slow down over the next year or two?

Shortly after the turn of the century, supply of education began trying to meet demand for a college education via online programs, new local/regional schools, etc... but that has done little to slow the education price hikes.

This type of loan is far less common than the typical mortgage.A new build will require a construction loan with draws at certain milestones.