I also agreed to cover closing costs meaning I'll be $40k all in.

The closing costs and fees seem very high.

Longhorn Investments has been doing it for 15 years (>7500 closed loans). 

I gave him $2000 for the referral, and we closed on the property for $142K on our LOC.

You should also talk with  tax attorney about potential issues buying property with IRA funds that is in close proximity to other real estate you own.

If you want to DM me your property address, I can take a look more closely and let you know what I find. 

Each deal you close builds your reputation and expertise.I've found that showing progress attracts investment.

Account Closed We're on the east coast, so there might be slight differences, but I've chatted with some folks over in your neck of the woods before and it seems roughly the same.This is our breakdown of how we find tenants:1.

We're seeing an unfamiliar clause and wanted to verify that we're not making a mistake.The broker asks for a $500 fee (they say they reserve the right to retain/charge in its discretion, in any non-closing event to cover for its services).Is it common for a broker to ask a $500 fee out of the EMD in case we back off the offer?

Since this is a bank-foreclosed property, they are unwilling to negotiate on any terms of the PSA.For example, the bank can terminate the contract at any time, for any reason, up to closing.