Then your 'appraisal' is worthless.The appraisers job is to make sure the bank won't lose money on the deal.

If it comes down to it, would you rather lose the whole deal or maybe find a mentor and learn to do it right next time?

Hopefully I don't have to put any money down that I will lose if I decide to back out. 

I'm a US Citizen living abroad and looking for options to park some of my cash in something that appreciates rather than watch cash constantly lose value due to inflation.

If they are well known they've got something to lose.

He was worried he would lose his $40M...

Lauren,Thank you for your input yea I am seeing something similar at the moment basically homes I could scoop up for 500k and resale for 620k but between the rehab required and loan costs it leaves razor thin margins even with a simple 25k rehab doing work myself in SD I lose money on this due to closing costs alone. 

That is an a$$ move to prevent other from getting in for years to come.Yet the town is to determine which goes to what class and that could also mean a lot of folks have their primary residences rented which may allow for a couple others to sneak in after the new ordinance is in place, but I think that is highly unlikely.Either the VR sections will need to renew annually permits costing you $250 each year per unit.If you don't you lose a spot, If you sell you lose a spot, if you don't comply they revoke your permit and you lose a spot. 

Ideally while the walls were opened up I would have completed plumbing for 2nd and 3rd floor too, but I was living on the second floor and didn't want to lose having a usable bathroom and kitchen at my residence.

Don't try and save a penny....only to lose a dollar!