IF IF you are determined to pay the EM to the Seller, I would (BUT review this with your Attorney first):(a)   make the check payable to the Sellers (named as Seller in the Contract) and not the Seller's attorney; and(b)   make sure the Seller agrees to sign (and then DOES SIGN before Seller receives the EM) a release which would limit your obligation under the contract to the EM, would make no mention of breach of contract and would hold you harmless for any future or actual damages to Seller over and above the amount of the EM.   

To understand where I am coming from, we focus on class B & C single family homes in North Texas.

A lot of CPAs are "jack of all trades" generalists.While the topic of this thread isn't complex, a CPA not experienced with partnership tax law may struggle.Deducting on the 1065, as your CPA suggested, is not correct (nor it is a choice).Either (a) establish an accountable plan and have the partnership timely reimburse you (and take the deduction on the 1065) OR (b) get an appropriate expense reimbursement amendment in the operating agreement (signed by all applicable members) and begin taking mileage as UPE on your 1040.

If the home you are buying is only livable or occupiable with renovation first, the extension could be built into an addendum saying you will close once you get A + B done and you can't get A & B done until workers are back.

Pick a solid B-Class suburban area.

Hi @Linda B.

Built into the Garage from the living room and kitchen          b.

Also, if by May things don't settle down in your market and your seeing price compression much quicker than expected then you may have to employ your Plan B (rent it then refinance it, or do a lease-to-own, etc. and definitely vet the renters to verify strong income).I'm still buying up here... actually I have 2 flips hitting the market this week (perfect timing), 1 still in construction (done around beg. of June), and I have one deal in the pipeline (seller financing).

I think the deferred mortgage payments would be the bigger help as long as a) you're not required to pay all deferred payments at once at the end of the agreed-upon term; and b) it doesn't hurt your credit or ability to get a loan in the future.

Pick a solid B-Class suburban area.