The buyer the bank and the secondary buyer can push papers and approvals around all day long, but without a binding agreement with the seller (which can't be had without terminating the original agreement FIRST), there is no legally binding agreement between the seller and the secondary buyer.And as a seller (or listing agent) I would never terminate a contract with a buyer on the hope the bank will approve a different offer, especially if I've spent weeks/months working with the bank on that offer.

I spent a week in Austin last year looking a properties all over Austin, Round Rock, Buda, Kyle, etc.  

Based on the money you spent, I'd expect a cash flow of around $500/month.

Then the waiting began while the title company spent 7 months to get a clear title.

I spent what was left of those 12 months after I got back from vacation figuring out how I could buy and sell houses, but not have to go to an office or work 8 hours a day. 

Friday 8/22/2014  "Yeah, we borrowed some money from my sister but spent it because the kids needed new back to school clothes.  

I have not attended the due diligence boot-camp yet but I can promise I would have much rather spent money with him than another very famous/infamous pitch fest guru.

Best $230 I spent all year, I just like receipts!

So, if it has major rehab that might take 2 months, then that must be factored into the acquisition price.My question would be, what is the minimum that DFW area guys consider a minimum profit vs rehab time spent?

We want to be smart about the decisions made and about the money spent.