Tats pretty standard clause in a home purchase contract,Sorry I assumed you wanted to advertise the house as a rental while in escrow. 

The advantage is that the holding cost would just be the Reno money and no mortgage,insurance or utilities.

It does require skill, but if you can perfect it, then it could be your standard on all flips.

As long as it doesn't cause you an undue hardship, like your insurance will drop you or raise your rates. 

@Alex Hogle The right people depend on your needs: lenders, bankers, money people, GC's, property management, insurance, etc.

Do you know already what it will cost you to get a loan and are you counting closing cost, insurance, and proper taxes, what about capex?

Industry standard SOP, assuming there is equity, is to finance the closing costs into the loan balance. (2) That's not really the case at all.

Your other option is just to buy more insurance, which is perfectly fine and probably cheaper then setting up a LLC

The buyer was insistent on getting a working heater, didn't want a $5,000 credit, and there were no standard replacement because of the age and the size of the unit.

@HAILEY ERSKINE Good for you, get the ducks in the row, start collecting 1) realtor, 2) real estate attorney, 3) cheap title search, 4) CPA, 5) Contractors (handymen, electricians, plumbers, roofers), 6) Insurance.