Used when the seller has equity.A Mirror Wrap is where the owner is taking back a note for the amount owed using the exact interest rate and the remaining term of the original loan.

Jeremy, is your property in a condition where you can not rent it to anyone else or sell it to anyone else?

During a site visit of the premises, I observed hoarding conditions of my newly renovated unit. 

I too did the same thing the exact same way in Fresno, CA a year ago now and couldn't be happier with the progressed I've made with my investing career.

What exactly is your question?

Sounds like you are new to this.....your contract had very specific conditions that allow the buy to back out and receive their EM back.

As for the vehicle....I would not know exactly what you can do to make that better....if you can buy a cheap car for little money I would sell that car on the open market for as much as possible and use whatever credit card I had to finish paying it off. 

I have a list of the improvements and conditions of the property as well.  

Joe, I'm not familiar with the Merrimack Valley market in Mass other than generally where it is, and it's not exactly next door to RI.

But you're right, once you view it rationally like that, it can remove the emotion and put you in a position to learn and grow from it (which is exactly what happened to me here).