Basically, you take on a massive amount of extra risk, courtesy of the Ontario Govt.I would consider it to be a red flag if they suggested that the checks will come straight to you.

Everyone has made suggestions here and as you can see this site provides great value.

I'd suggest checking out some community banks in your area where they're not going to be using GNMA, Fannie Mae or Freddie Mac as the loan investor.

So the terms do not revert back to the original offer's terms, because no contract was formed, and you cannot sue as Jason Hirko suggested. 

Hi all,Looking for suggestions on what would be a good approach to handling this scenario.Young couple in their early 20's bought a HUD house last year.

Hi @Logan Chierotti, Yes, Denver going through excellent growth.

Also, if you become a PRO member, you can have access to amazing tools and resources like:Weekly webinars:https://www.biggerpockets.com/webinarOr the forums, or great guides and books:https://www.biggerpockets.com/real-estate-investin...https://www.biggerpockets.com/renewsblog/2015/01/3...https://www.biggerpockets.com/renewsblog/2014/01/0...http://get.biggerpockets.com/flippingbook/Or you can analyze deals to start getting practice before you actually jump in:https://www.biggerpockets.com/flip-analysisI would also suggest you look for local Real Estate Investing Associations or clubs meetings to begin networking with people in the industry.

I would suggest you call a few brokers and see what kind of fees they charge and if they expect you to sell a certain amount of properties a month. 

Other downsides, heater is oil heat, and no central AC (just small window unit), large yard is very overgrown with Himalayan blackberry bushes, and no garage (converted garage to living room space).Upsides: decent condition wood flooring in bedrooms and about half of the living space area, newer vinyl windows in most of the house, outside siding in great shape, roof looks to be in good shape, and the most important upside is the neighborhood, excellent area.FinancialsThere are already multiple offers on the property and they are accepting offers until Monday morning.  

@Kailee King Since no one mentioned it I would suggest attending the local REI club!