Can anyone give me some worst case scenarios besides me owing the $ back if it does not close for some reason AND if there is a way to protect myself in the purchase agreement from any worst case scenarios….There is no mortgage or realtors involved- only real estate attorneys.

Originally posted by Account Closed:Originally posted by @John Weidner:@Jon S.2000 sq ft for $1500....ceilings, trim, wallsPretty aggressive pricing.  

I'm a wholesaler/investor based in NY who work in other markets looking for other investors to collaborate with and are involved in networking groups!

It's in a challenging area where Section 8 is virtually my only tenant base—not a slum by any means, and the house itself is in great condition.Here are the options I'm considering:A) Keep and Re-rent to Section 8: By investing in some upgrades (paint, cabinetry, toilets), I can increase the rent to $2k (from $1800), projecting a cash flow of approximately $1300/month.B) 1031 Exchange into a Short-Term Rental (STR) in Shenandoah: This would involve using a portion of the proceeds to make the property Airbnb-ready.

It's vitally important to know who you are working with, and have the history of the players involved.

I like beginners to be as involved as possible in the beginning to learn the ins and outs.

Invest using tax-advantaged accounts when possible.Tax-advantaged accounts generally don't generate capital gains taxes federally, and generally not at the state level although individual state rules may apply.

Hey @Choon Yee Dee, As accountants on BP we cannot promote ourselves directly.

You need to follow the accounting, for lack of better term 

This is a better question for a lawyer or accountant :)I use cloud peak law in Sheridan for all my LLC work.