It needed someone who was going to commit to keeping the integrity of the house.

@Mike Terry IMO Values dropping shouldn’t matter unless you HAVE to sell and/or you’ve committed to a mortgage payment that’s economically callous.

The current addendum says the 26.I have asked for a commitment letter from the bank the closing atty. claims the buyer only needs to show Inability to provide financing.

It is important NOT to commit to anything except to continue to explore an arrangement that suits you both. 

There are a lot of lenders out there who don't really want to commit time to you unless they know you're going to do a deal.

Although a Multi-family home would be more convenient for living, we are committed to a less desirable living situation for a year if it means we can house hack and live for free or turn a profit.

So, if your intention was to use it as a rental, doesn’t matter how long you live in it, if you obtain it under the guise of a primary residence you are committing mortgage fraud.

The few I interviewed were upfront about not wanting to manage such a property due to the time commitment it is (for them).

@Dave Kansagor What is your 1031 timeframe...it's a balancing act to be able to get you into the right off-market opportunity and meet the requirements of the exchange....not impossible, but it will take some careful coordination.The difficulty with the exchange is that once you commit, your direction is set and you need to have multiple options.

Over the last several years the desire has renewed and now my wife is on board and we're committed to building our real estate business.