Keeping one's word is important, to a point (when the whole economic picture changes, re-evaluating your choices is something most people can understand).

So I think a  lot of folks coming to the area are coming because 1) they can drive there and 2) their first choice vacation got cancelled and I think a lot know there are bargains to be had right now.  

You can also expect the buyer to sue you for specific performance (court order to complete the sale) along with any damages like alternative housing, storage of his household goods, additional moving costs, etc.Unless there's something you're not telling us, it sounds like the broker did his job and got you an offer you accepted. 

What's important is what has happened from there.Your inspection contingency gives you room to make a choice at that point.

Alternative to that would be truly self-directed Solo 401k plan, which is exempt from this tax on leveraged real estate. 

It will be very hard to find a manger for this unless it's a student property, and even that will have limited choices.

I've found old garages are more of a liability than a good investment in the lower rent areas unless you get lucky and get one that isn't falling over - it will cost more to bring them back to life or replace them than it will ever bring back in rent and therefore, the best choice is to remove them and spend the money on a new parking slab - obviously a property that already has that done is a plus (people use them as storage lockers too, then leave it all for you to clean when they skip out later).

@Suzette Kim - In addition to what Ellis wrote, I'll add the following: if you KNEW for sure you'd be out within about 6 years, the ARM would likely be the better choice.

I agree about Hard Money. that is my last resort. that's i wanted to ask for alternative routes here before i go down that path.

II think airbnb has no choice they have to follow what the hotels and airlines are doing right now.