EMD is largely pointless here....what happens is the money gets tied in escrow until there is consensus to release the funds...no consensus, no release....the money sits in limbo for 2-years and then goes back to you, its a lose/lose situation....or you get a court opinion...so, pay $6,000 in legal fees for $5,000...not a great idea...In the last 20 requests for EMD we have submitted for listing clients where a buyer was unable to perform on a deal, the broker on the other side of the table acknowledges the initial request and then ignores every piece of documentation and future request...there is no repercussion...a lawyer might be able to help with motivation here.This is usually a "pissing match" fueled by misunderstanding of how EMD works...Your agent/broker should be advising you on this stuff...Read this: https://codes.ohio.gov/ohio-re...

@Jenny Perron I think people misunderstand what cap rates mean.

It sounds like the misunderstanding is centered on your expectation to get 100% Financing.

@Maurice D.You misunderstand the Sec. 179 deduction, sorry.

@Steve King - Are the permits only around $1,200 for a $75-90k renovation or am I misunderstanding?

That seems to be the misunderstanding that should have potentially had more clarity.

Maybe I am misunderstanding what you mean.

I might be misunderstanding something and missing out on great deals.

Sorry to jump in late here, but are a few misunderstandings in this post, and OP's answer is actually pretty straightforward!

Your misunderstanding of market metrics leaves you ripe for the picking from some that will use your ignorance to their advantage.