I kick myself for not taking this leap after the housing crash but hopefully some good options will arise.  

And you don't tell the lawyer the financial limitations you may have,  this is where our problems arise.   

As it provide income which feeds the business, it also takes valuable time away that could help it grow. 50 units is my number is to where I should have enough experience to justify the move as well as 2 years reserve income to compensate for any issues which undoubtedly will arise!

@Laticia Braxton thank you, hopefully I am as lucky in future projects as everyone knows hidden costs can arise.

The issue arises whan the seller rejects the offer.

When it comes down to it I am just using it as a place to store money and get a return but have access to when a deal arises that I want to do. 

My subscribers (it's a membership site) have shown a great interest in real estate investing and so I'm learning all I can with an eye to... referring them to Loan Originators when the need arises,... recommending brokers...and possibly publishing other resources for them as a benefit of membership.This seems like an *outstanding* resource forum.

If you used your own investor super duper buyer friendly whiz bang contract and left out such damages, then the seller will be free to seek what ever damages may apply and justified by some attorney under state law that could end up being more than the usually agreed to penalties.I suggest you go to the lender and ask to see a blank note if you really must.The problem could arise since you don't really know what customary terms are that you'll form an uninformed opinion and just get cold feet.You will have three days prior to settlement to review documents, nothing will be changed unless there is an error.

Looking forward to being a part of the network.I'm considering setting up a consultation with a local attorney so when the opportunity for a deal arises, I'll be ready with the correct & legal paperwork to make it happen.Does anyone in Wichita, KS have recommendations for an attorney who is knowledgeable in real estate transactions?

My wife and I could help with any maintenance that arises so they don't have that burden.