"The Book on Flipping Houses and The Book on Establishing Rehab Cost".

However, two things: (1) The earnest money can (legally) be nominal (literally $10), as sham consideration has to be WAY out of wack to not be respected, and (2) its highly doubtful that a motivated seller will have the wherewithal or the resources to back out of the deal if no earnest money is provided. 

I do not ever want to say that someone is flat out wrong, but I respectfully disagree.

As a marketing professional, I've worked in many different industries with start-ups and well established companies.

It is ridiculous to characterize an entire city and in your post you seem to have little respect for the people in general.

I mean the established areas aren't going to see appreciation like they did if you bought in the 60/70s.  

Usually they come from some of the more obscure places but it doesn't hurt to have a well-established network of people in the business.

You should also talk to @Alan Malicse and @Joey Budka in the East and South Bay, respectively.

Here, you'll have to ask a few local lenders and borrowers what they charge or pay, respectively, to get a lay of the land.

http://www.lawlib.state.ma.us/source/mass/cmr/cmrt...Below is the Mass way of describing the law24.04: Required Insurance and Capital Program(1) An LLP or LLC must maintain in good standing professional liability insurance which meets the following minimum standards:(a)The insurance shall cover negligence, wrongful acts, errors and omissions and insure the LLP, LLC and their respective partners and members (M.G.L. c. 108A,