This way I am more prepared for the next time an opportunity like this comes up.So here are the details of the deal:3 bedroom, 1 bathroom single family propertyListing requested an all-cash offerThe numbers looked like this:Listed on the MLS for $80,000Needed about $20,000 to bring it up to meet or exceed the quality of similar houses in the areaEstimated After Repair Value (I think abbreviated ARV) was around $141,000Similar rents range from $1,100 to $1,300Initially looking at this, my thinking was that the $80,000 purchase price plus $20,000 rehab bill puts me at 70% of the ARV, and my understanding is 75% or under is the target for BRRRR. 

Go to the Olympia and Tacoma REI meetings.

At this point it doesn't seem to make sense to trying an get funded before the specified closing date in a few weeks, so we are looking to not move forward with the purchase.We are being told we can terminate our offer at any time we want, and get our earnest money back due to "not receiving proceeds from sale" or "not qualifying for funding"The way we are reading it is that we need to let the contract automatically terminate on the date specified in the contingency form, and potentially keep trying to sell our house, to get the earnest money back and not be in breach of contract.We want to be sure not to lose our earnest, and do everything according to the contract.Thank you so much!

The smaller banks are more flexible with lending policies, where you might actually meet the underwriters. 

Have you gone to any local REIA meetings yet?

I guess people are a wild card, you don't know who you'll meet.

Next time you are in Greenville, happy to meet and discuss the Greenville market.Arn

I cant speak for an investment property, but i bought my house without ever seeing it in person or meeting the inspector.

We have a bigger pockets meet up tonight at 6pm at foghorns in Fayetteville if you would like to come and meet some other local investors. 

I would love to meet someone from this area or within 50 miles who can shed some lights on me about real estate.