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! 

She sick and wants to walk away with at least $15K once everything is over ( wants to sell and move into apartment).  

I've been walking and driving for dollars in a few neighbouring cities, and identified some addresses I think could be deal prospects.

They really haven't walked the planet in several years.