The fact that it's taken you a month to find contractors for basic repairs demonstrates you are incapable of performing as a property manager on this particular home.I request termination of the contract and a return of my earnest money deposit no later than April XX, 2018.If they refuse, hire an attorney.I don't know your state law or your contract but the seller typically can't do anything to you for walking away from the deal.

It takes time to review the financials, inspect all the buildings, the infrastructure, talk to the tenants, perform a Phase 1 ESA, discuss with the city any zoning / code violations or other chronic issues they see. 

You will find that it will cost around $1800 to do the required asbestos test, secure permits and do the tear down. standard 2 car garages with pad run around $14,000, plus or minus.

We have run the numbers and expect we could get about $45 per space and would squeeze about 250 *uncovered* spaces on this land.This would require grading, putting down road base, security lighting, cameras, an 8 ft perimeter fence with gate (not automatic). 

My question is what should I do 1st: Secure preapprovals through various Hard Money Lenders (that way I know what how much I'd be able to work with)Place offers Thanks BP

The industry term for this is “dealer property” there is a great deal of case law on the issue as to what you should be considering in performing this analysis.If the property is treated as inventory, the gain is ordinary income, not capital gain.A conservative approach is to hold the property 2-years post completion to treat it as a capital asset.You should speak to your tax advisor on this issue as it is a complex analysis.

Such a partnership sounds worthy of launching a formal contract to define non-performance and to make their promised reimbursement policy enforceable.

It is unlawful for any licensed real estate broker, or broker-salesperson or salesperson to offer, promise, allow, give or pay, directly or indirectly, any part or share of his or her commission, compensation or finder’s fee arising or accruing from any real estate transaction to any person who is not a licensed real estate broker, broker-salesperson or salesperson, in consideration of services performed or to be performed by the unlicensed person.

I'd rather rent a property to someone that's highly qualified than gamble on someone with poor credit performance.

I marketed the unit and screened/accepted new tenants, accepted holding deposit in secured funds.