@Logan Allec haha I could not agree more!

Yes I agree, I was willing to pay Dad 12%, but he had other uses for his money :)  And unfortunately the deal has gone: someone else beat me to contract.But no worries, I've been making contacts with private and HM lenders here at BP, and there will always be other deals :)

@Paulette Midgette I have to agree with this.

I suspect that condo law has many similarities throughout the country.

As I see things, my options are: (i) eat the cost; (ii) have seller adjust the purchase price down by some agreed upon amount; (iii) have seller write a check for the missing security deposits; or (iv) have inherited tenants pay a security deposit when we take over the property.

They have a notarized purchase and sale contract where Bob agrees to purchase the home for $300,000.  

I agree with most of what @Nathan G. said.

I agree with other posters here that you can find all the same information and could likely connect with private money lenders and all the other people you feel are necessary for free right here on BP.

@Nick Kendall Most will agree with @Alex Deacon that partnerships are extremely difficult to maintain over a long period of time.

I may be a little biased now as we are the hottest place in the country right now!