(Loan balance, purchase price, etc etc don’t matter.).

I was not able to sue because lawyers thought he would be uncollectable and the county prosecutor's office stated that since it was a breach of contract it was not a civil matter. 

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Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

After multiple calls and emails about the matter (even involving the local HUD office), I finally get a response that says "Unfortunately, HACW is experiencing a temporary shortfall of funding and will be unable to pay the HAP amount for this month..."

Glad that didn't matter in the overall point I was making.

I'm in Fayetteville, AR if that matters to anyone, and renting out the master bedroom.)

The amount of the EMD only matters if you don't actually plan on closing.

It would be best if you had a timeframe in place for initial reports of uncleanliness or broken items, maybe three days, but the truth is that all complaints are relevant no matter the time.

No matter the market run your numbers and make sure it makes sense for that local area compared to what you can expect.