In my area, an inspection contingency means as long as you have a licensed inspector actually inspect the property, you can then terminate just by sending a release/termination, even if nothing major found.

Those having some success with REI in the New Orleans area are getting deals direct to seller and using creative REI techniques.  

Do I even have to disclose that to them as long as I get the loan before I start school and continue to make payments on time?

As you mentioned, it's my business and I set the terms.

Finally, knowing my 5 min was long gone, I just hung my head in disgrace, too embarrassed to even go back in and figuring they redid the sale by now anyway and I left!

@Min Zhang, I did read David Greene's "Long-Distance Real Estate Investing" and am using it as my primary guide.

I also volunteer my time as a board member of the RPA (Rental Property Association of Wisconsin), a non-profit REIA and we focus on education, landlord-tenant law and lobbying on behalf of landlords in Madison.Networking is important especially in the beginning, because it gives you confidence to see other people's success when you are getting started.

If you've got these questions, you are not someone who can successfully self manage a property out of state.

Below are the figures:Purchase Price: $225,369.78ARV: $199,000.00Mortgage Balance: $209,099.44Great thing about wraps, however, is you can add equity, interest, and your own terms, which is what the borrower did here.Via adding $101,000.00 in equity, the borrower plans to sell the property for $300,000.00 for a 30 year amortization and have the borrower place a down payment of $15,000.00.

What my thinking was, right now llc rent income is only $57600, however if I use the same LLC to manage other properties also then, including all the rent (short & long term) my llc rent income goes to 250000.