I've walked past this home many times. 

Contract states that escrow will not close until the renters are out.If renters are not out by closing date the seller is responsible to pay for relocation of renters.House is being sold less than market value.I only have until July 30th to rehab the house and need to do most of it myself.Normally I would walk away if things didn't work out, but I'm emotionally invested.

He said that he didn’t want to deal with anything “subject-to” and just wants to walk away from the property.

Open to listen to all advise and if any of you can actually help with property acquisition.Understood the whole deal/process is not a cake walk and there will be lot of hurdles.

The clerks will give you all you need as far as proper document, and walk you through the process.

Earnest money deposit prevents the buyer from walking away from a deal once the home has been taken off the market.

You can walk away from the deal before end of the due diligence period regardless of the reason, but you will lose the money.  

You would have to qualify debt to income wise but if the purpose of the home fit the guide lines rulebook, HUD 4155.1  You could buy your next home using FHA.There are a lot of loopholes when buying and using FHA, VA-Military, USDA, DPA-Programs you just need a seasoned mortgage banker who can walk you through the process ahead of time. 

Investors with the ability and confidence to walk into a property and accurately estimate rehab costs have a huge advantage in this market, but it looks like inspections periods are becoming deal killers – at least in hot markets.Are inspection periods killing deals in your area?

However, you can't become liable under CERCLA for walking away!