Read the IRS Publication 523 explaining Sale of a Residence.

Wondering if there is an existing clause that would allow me to back out of the agreement if my buyer can't close or changes their mind.My spread is only a couple thousand and I'm not sure that it's worth the risk.

Was I too close to the mentor and presented competition?

Great area with SFH selling between $120,000 - $150,000Purchase price: $160,000 + $5,000 to wholesaler as a "Thank You"Cash invested: $0 ($50,000 - $70,000 in rehab)Sale price: $225,000 BPO and $350,000 ARV6 unit property with 1 x 3 bed, 1 bath, 2 x 2 bed, 1 bath and 3 x 1 bed, 1 bathWhat made you interested in investing in this type of deal?

The investment is the down payment plus the closing costs: 40,500+5500= 46,000.ROI = 4297/46000 = 9.3%GPT doesn't understand the power of leverage?

Read IRS Publication 523 regarding Sale of a Residence.

Most probate sales are not “bargain deals” despite what you may have been told or believe. 

The 800 864-8153 number on my bill is on a loop that says press 1 for sales.

The subject property you listed is in a solid location, its close to both Short and Long Sands Beach (two beaches in the area). 

I also have to pay him out my pocket an amount after closing, since the seller's  agent wouldn't share more than 1% of commission apparently.