By less qualified, I meant someone unable to qualify for traditional financing from a bank.

If they're dead set against selling or you're unable to locate them all else is moot. 

After the statute of limitation expires, the original owner is unable to bring suit to successfully recover the property.Tex.

I think he has some great points about debt and for most people who are unable to pay off their debts (your acct seems to think that might be you) the advice is fantastic IMHO.  

In your case, you satisfy neither of these requirements and thus are unable to claim it as a home office.

@J Scott Well, since you bring that up, in addition to the usual inspection period clauses I also have the following:If Buyer is unable to complete the purchase for any reason, the earnest money deposit shall be forfeited to the Seller as total liquidated damages and the Buyer is released from any further obligation under this contract.Since I've never been to law school I didn't want to come off as giving legal advice as I'm unqualified to do so.

The rents were less than the payments, so the corporation would quickly be unable to pay its debts and he'd declare bankruptcy.Here's where it gets interesting.

Eventually you have hundreds of owners with half of them being unable to be located.

I liked your idea of prepping and purchasing materials while you are waiting in the closing phase but what if you are unable to close for one reason or another? 

The extra hours in the retainer may be used to show the house in the event the tenants are unable/unwilling to show the house.