I offered him 315k with a 14 day close with no appraisal contingencies and short pass or fail inspection. 

We had an inspection contingency in place and we were within the terms of my contract so everything was fine.

Your agreement of sale should have a contingency to negotiate cash for keys before closing.

The loan's closing can of course be contingent on completion and occupancy.. paying a little over 5% now but very exposed to changes in the market interest rate.

Have an inspection contingency so you can verify bids and do the due diligence.

It's generally advisable to structure purchases like these as asset purchases instead of a purchase of the LLC.With the latter, you absorb off balance sheet liabilities, contingencies, future lawsuits stemming from events that happened before your purchase, etc.You may want to talk to with your legal counsel before pulling the trigger.

Our contingency on our offer was to evict the first-floor tenants to owner-occupy the first floor, as I use a wheelchair.

@Joon Kim if u want to keep pursuing offer what you think it’s worth and put in the offer it’s contingent on the current deed.So ignore the positioning, they will say yes or no, you can just say let me know if you change your mind

You’ll need to make any offers contingent on that approval process.

J/K.All kidding aside, if a deal makes sense, and meets your criteria, it’s time to invest.I would advise to have a few months reserves after down payment, after a rehab budget, and be able to comfortably support a new purchase.Your criteria shouldn’t change, in my opinion, but for the reasons you mentioned, your reserves and contingency plans should be more conservative and stronger than before COVID-or since.