Ultimately, he is obligated to pay the balance of the lease if he wants out, but this is a legal issue that is not worth fighting in almost every situation.

Importantly, the LOI isn't legally binding but serves as a preliminary document outlining your interest, potential purchase price, and contingencies, allowing for negotiation before finalizing a purchase agreement.

@Bill J Fay Im definitely on board with you and will not use them anymore.

This is not intended as legal advice and is for informational purposes only.  

Eventually I will invest in cash flowing properties out of state.I'm looking for tips and advice on being a land lord such as maintenance, rent collection, taxes/accounting, legal, and things you wish you would/wouldn't have done starting out.

The appreciation for the property is definitely going to be long term and not short term, so selling now isn’t ideal.The property manager agreed to market it as a medium term rental, so we’ll try that, but it's new to both of us, and it seems like it would have to rent at $3700 to be profitable; does that seem too high to the folks here?  

In one of our properties that allows dogs, we added a photo of our Berniedoodle and definitely noticed a good increase in reservations in the slow season.https://www.airbnb.com/rooms/53233221

If you are this close to the border or cost you need to purchase through a corporation or through a bank trust (Fideicomiso - Think of this trust to be similar to an inheritance trust or a living family trust in the US.)At all times you are the legal owner of the property, the best way to see it is as a permit or license that allows you to purchase, use, enjoy, rent, renovate, inherit, etc. a property in this zone.

Inflation between 2000-2020 is mainly only 2-3% yoy.But home price valuation is rising 5-8% yoy within the same period.Nice try making legal excuse not to pay tax lol.

As an Ohio Realtor, I am definitely letting you know that investing here will be one of the best choices you ever made.