@Alex Franks Perfect real life story.

Seems like in a perfect world somebody's insurance would cover this.

It is the perfect combo as he has the ability to get a mortgage but no time and I don't have the credit but I have the time to learn, study and take care of business.

It's a perfect place to start your real estate investing journey.Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersLots of luck.

@Steve Carruth@Derrick Dill gave you a perfect answer, I will just rearrange it slightly.This is a proposal only, and nobody knows when it will become the law, if at allThere is no answer to your questions in the proposal (and really hardly any other details)During its inevitable journey through Congress, the proposal will change, even if it was more specific todayWhatever law will be born out of this proposal will most likely be modified if not repealed during the next 10 yearsYou really cannot do any planning based on this vague document

No one is perfect and sometimes everyone, including the builder and the inspector miss something. 

As Bill mentions there is a good chance the state requires perfection of the contract, so it will need to be public record thus anyone can see it.

@Chris Morey - I wish I had the perfect answer to your question as to finding agents in your area, especially looking for an investor friendly one.

The rent is due by the 1st but she rarely pays until the 10th as she can get away with that in CT.

I'm also guessing that this would be the fastest option as well, assuming they wish to close quickly and not let the deal get away.