@Joseph Tarallo I think it's great news that they promise to make a partial payment.

If you declare that it'll be a primary residence: you have to move in within 2 months, and live there for a year.If you declare that it'll  be an investment property: you cannot move in within one year.After a year of living there or not living there for a year, depending on what you  promised at the closing table, you can do what you wish with it.

Your learning time will be cut greatly I promise you.

It also varies on a new project with what you have to promise to local authorities to get the zoning you need.I pretty much agree that most people should not consider new development but rather buying existing communities, but pricing on parks is changing and it might not be very long before some experienced and savvy developers will start new developments at a faster pace than the industry is currently seeing.Development is hard work and not for the faint of heart or inexperienced.

I mainly ask because at least in my area it looks promising since the rent from the commercial place alone can pay the mortgage.

Get with your attorney right away to find out what you need to do legally to protect that property and make sure you are protected from a lawsuit.If Aunt Sally comes over for that irreplaceable broach, and the deceased had promised it (or even willed it) to someone else, you could be held responsible.

I recently found a fourplex that looks promising.

You can always choose not to file, or even dismiss a filing before the hearing if the tenant honors the promised payment date he/she makes, but you don't want to be stuck with tenant's empty promises and no way to hold them to their word. 

The big chain brokerages have a compelling pitch, with big promises and lots of agents drink the "kool aid".I know agents who work for boutique firms, 100% comission companies or who own their own small brokerages that are every bit as successful as agents working for a big chain.

I just do not want to promise a seller that I can close in under 30 days without following through.