The chances of additional expenses are quite low and we live next door so I can handle most issues immediately.

I understand that the contracts or agreements contain a clause indicating that each party has had a chance to confer with counsel before signing the agreements, but it would seem to me that disclosure of such facts should be done upfront and in the agreements -- can anyone comment?

I've been thinking about REI wanting so badly for "my chance" to come along, but I realized (recently) that I was being delusional and "my chance" is made by me, not just handed out.  

This stuff actually happens.If you think he is for real and you want to give him a chance, offer to hold the house and not make a decision until this weekend and require that he come and see it in person.  99% sure he doesn't want it that badly.

I don't want to own real estate for fun, it is a big transaction and the goal is to improve your chances of achieving your goals.

So if you don't want high mortgage insurance and no chance of dropping MI then you need to go conventional.

Hopefully we'll get the chance to speak then.

Again, it is a gray area) you perform renovations or even just cosmetic fixes on these houses that you buy and later resell and/or a substantial percentage of your income came from flipping, well then chances are that they'll determine that you ARE in the flipping business and you can kiss goodbye any dreams of only paying long term capital gains rates on the profits for any flip homes held for more than a year!

This would eliminate any chance of losing all your money to fines, fees, and taxes.

Hope to see you at the meetup next week, since I didn't get a chance to talk to you at the last one!