This would  already be in violation of the conditional purchase agreement, as it wasn’t disclosed upfront.

. 💡4️⃣ General Tips: If you're partnering out of state, legal agreements are a must.

I was told from a rep that if I could get someone to sign a lease agreement for about $3,200 - $3,600 per unit, I would qualify. 

How this capital is accounted for depends on any agreements made between parties. 

., if 20% down payment in purchase agreement, have him place all those funds in escrow at the settlement company with clearly written signed addendum that should buyer not close by x date for any reason, those funds are nonrefundable and to be released to you, but all credited to buyer at settlement if they close.

-I will then put in place a lease agreement between ourselves personally to the new property management LLC to lease the cottage and between the ownership entity of the other rental property to the prop management company. 

I can just see non licensed folks getting totally cut out they don't have a listing agreement are probably acting illegally etc. so buyer or seller says Eh not paying you.. and your done. 

Now if the deal didn't close, I would still get my due dilligence fee; however, that's based on a broker agreement and funds being released from escrow.

The landlord could be held responsible for 3x the deposit if they fail to do soWhat provisions are in the lease agreement you signed ? 

@Kyle Smith Im in agreement. 90% Cash out does not exist.