Their house went under contract, but has no closed yet, so they are at risk of losing earnest money if they can't close their home or come up with funds to close the new property...or they can try to renegotiate it all with the seller.Here is an example of the form we use.  

Rachel,I use the landord's choice screening criteria. 

Converting apartment buildings  (made up of 300-600 sq ft units) that have lots of character and close to downtown to condos was very popular in the boom times (pre 2008). 

The lender will qualify you (there's a rather 'red flags list' that is used) - as well as have you sign all the occupancy declarations - that pertain to the financing prior to closing.

Here are some insights and advice to help you navigate your real estate journey.Fix-and-flip Points to Remember:Make sure you comprehend every aspect of the renovation process, including precisely predicting expenditures and adhering to deadlines.For the refurbishment process to go more smoothly, establish connections with reputable suppliers and contractors.Always keep an emergency money on hand in case something unforeseen comes up when renovating.Financing: Look into financing choices for prospective rental properties as well as fix-and-flip projects.

In other words, if your private lender walks, will you still close? 

If repaired well with permits closed out and all, an old fire shouldn't affect your insurance or financing options. 

Many CA investors find the Reno Tahoe, NV market appealing  because of the various strategies that can be implemented like buy and hold STR or MTR and the close proximity to CA. 

Since it's so close, once the tenant is out I can then go there and run several tests like running the shower for a while or running the rub running the sink, etc., and see if any smell comes up.

Mid May I wholesaled my first deal and end of May I closed on a 4 plex that underwent rehab and almost fully rented.