I hope it means they are expecting the market to pick up.A realtor today told me that inventories have gone down considerably due to sales, not due to being pulled off the market.

In addition, in order for the agreement or contract to be considered legally binding, it must also include consideration.

Hard money varies considerably by location.

You would want to consider zoning as well and any code violations that might exist.Commercial properties require considerably more due diligence.

Odds are they will not end up purchasing the property from you, your holding costs will be expensive, and closing costs must be taken into consideration as well.

You could pass out flyers door to door advertising property for sale (once you have one), bandit signs always generate a lot of leads for me but aren't legal to post everywhere so take that into consideration.

He is setting you up for failure.Start with nothing down, your renting the place is consideration!

I'm sure this will slow the work down considerably, so I may check some more contractors out...

Added bedrooms or square footage or decks, etc should be considered as not even there when evalutaing your comps.In addition, in the scenario you provided, you should also take into consideration the possibilty already mentioned in that the inspector may require you to remove some or all of the non-permitted additions costing you more than if you just built from scratch.Go back to the bank and show the comps for the 1 bedroom units only as that is ALL they have to sell at this point.

Ideally, you are putting down some money in consideration for their giving you an option to buy the house at a predetermined price.