Hi all - We've mostly stayed local in our RE investing in Colorado, and are looking to start stretching out to other markets.

I guess my real questions are:Can I be penalized for their failure to perform, assuming they don’t send me the renewal prior to that 45 day mark?

Compared to Illinois our taxes are much cheaper and you can stretch your dollar much longer investing in properties.

I currently don't have an extensive buyer's list being so new.

If you are planning on an extensive renovation, ask if you are in the correct policy.  

My initial plan was to perform land development and subdivide into 1/2 acre tracts and owner finance them starting prices at 60k per lot plus a reasonable interest rate depending on how long of a term would best fit the buyers budget.

Owning a poor performing property is not how you want to get started.   

But making a mistake like that may result in bad performance which scares you out of the market.

I think in NJ closings are performed by attorneys.

They at one time were the domain of relatively large principals, but I have heard more recently of such activities being performed between smaller interests even as small individuals.