@Calus Glispie it’s not a “Myth”, but I think you’re asking the wrong question and as a result getting some seriously “bad answers”.Technically, you can offer “anything of value” as consideration to ratify your contracts.A dollar, a promissory note (which is a glorified IOU), a promise to perform in the future, $1,000.00, $10,000.00 even a million are all considered valid forms of consideration and could be used as Earnest Money Deposits (EMDs)....but the first two questions you need to ask (and answer) are:A) How badly do I want this deal and, (more importantly);B) How do I make sure I don’t lose my EMD, whatever it is.A) If you really want the deal, you need to show you’re serous, as most people have said in their responses).  

I am fortunate enough to have a decent paying job and at the moment I am putting money away to launch my investing career full on.

No deal is better than a bad deal.Phill

They vary slightly state by state and can bite you badly if you don’t know them.

The bad news is that it will be harder for you to execute your plan to raise rents and refinance, taking out the seller and recovering part or all of your down payment because the lower LTV that lenders will constrain you to will pigeonhole you.Another challenge to be aware of is that there are likely HOA dues—typically if only one unit is owned by a third party the HOA is formed and collects dues even from the developer-owned units.

Not a bad strategy.Feel free to tell me to mind my own business. 

I don't want everyone coming to me always.The only bad thing is I've had sales people come and go, and that's what we primarily use the Facebook profile for is marketing for rent and for sale.

Once you are out of the bad deal, you can take the cash you do get out of it, and invest in a property that will make money...meaning, you will recover the temporary losses you have now, and start making a profit again.Staying with a bad hand, and continuously "betting on it", will get you out of the game fast. 

The idea that his bad engineering and planning would allow him to pump water onto your property is kind of stupid.

I spoke with a friend who is a structural engineer and he said it looks like it could be pretty bad, so he suggested having someone take a look in person.