I have done a number of them and while the offer is always with the intention to close in 3-4 weeks it's typically closer to a 6-8 timeline. 

Your plans should have been stamped with "not for construction", and your contract should have explicitly said "drawings are included for reference only, drawings are NOT issued for construction, should owner wish to use drawings for construction they may be purchased for $x plus any changes at our standard hourly rates" (something along theses lines that makes it very clear your intent).I would probably play chicken with them a little just to see if they back down, but no way would I show up and burn time/money in mediation/court in this case.

I am glad you didn't take offense as that was never my intention.

Every landlord knows when intentional or not intentional damage was done.Just saying, I know landlords that deduct from the deposit for non-functioning lightbulbs. 

@Taylor WhylingsIf you can document original intent to hold as a long-term investment generally the gain would be capital in nature and not ordinary gain subject to SE taxes.Short-term capital gains = holding period of one year or less = subject to income tax at your marginal tax bracket.Long-term capital gains = holding period of more than one year = maxes out at 20%.If you're subject to the next investment income tax (NIIT) add another 3.8% on top.Plus state income taxes as well.

Now, I’m not sure of the logistics as far as qualifying for the fha loan with the intent to also take on more immediate debt with the second purchase.

What is the current terms of the ARM, and is the intent to keep this property long term, or past the current term of the ARM?

I don’t understand your current financial situation well enough to guide you, as it’s possible you make 250k a year, with 300k in the bank in which case your intentions may be to pay off the 30k tomorrow.Bad debt is a wealth killer and so is negative cash flow.

The job opportunity did not work out so we started looking for another home and are in the process of closing the deal.We have intentions to fix it up and live with her parents until the remodel is done.  

Hi All,Wondering if anyone has experienced intentional water wastage by a tenant (running sink water etc) in an apartment building.