To answer you other question, yes, you can set an extended closing date but you can't have an option period that exceeds 180 days or the contract becomes executory in nature.

From what I hear, many homeowners simply avoid putting in claims as it results in a big increase in their premium and unless there is a loss of a sizable nature, they just eat the costsThanks

I'm looking for my first flip, so naturally I'm a bit nervous about holding onto a property.

We'd be very happy just to break even.We had a bunch of initial expenses - lead testing revealed we had to replace all the windows and the oil furnace died so we are in the process of upgrading it to natural gas.

Most lenders want you to have some "skin in the game" to help minimize their risk.

Project UpdateWhen we bought the house 1 of the units had natural gas heat and the other had electric. 

I have used this one to very nice affect:http://www.glidden.com/Color/Paint-Colors/Yellows/...In large rooms with plenty of natural light, it comes off as a nice creamy and surprisingly neutral color.  

But before you know it, you read another motivational book where that author skinned the cat in a different way.

Unless you intend to be a syndicator on a large scale  or l/o pro like our friends above ;),  save money and put some skin in the game.  

The sponsor that uses all investor equity and then bank loan has no skin in the game just up side.