It will be executive housing fully applianced and furnished like a hotel.  

Generally you'd want to see the POF, Before the seller executes the contract.  

I have a buyer currently interested in putting in an offer online at http://www.hudsonandmarshall.com/ .It says I have to execute a cash contract.

I realize that rental rules could be an issue in the event it's not selling and plan B (BRRRR) needs to be executed.  

Well Done - nice job recognizing the opportunity and executing.  

Don't buy over $125K for example.Think of it as creating a system that you can execute quickly, comfortably and with returns that you aimed for.Just a thought?

@Sean WaitWelcome to the vibrant BP community.We are delighted to hear that you have taken action and it's gaining momentum as you lay the groundwork for your business model.Good luck and best wishes as you execute your plans to register that 1st deal.Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

You are only under contract once the contract is fully executed and signed by both parties.

All these will depend on the profitability  of the deals you plan to execute, but don't forget: you owe the money and must pay it back at agreed date.On the other hand, if you opt to invite them as investor(equity), then they are part-owners of the LLC and you will share the profits and loss with them, but if you go belly-up, you don't owe them a dime.....You need to consider the pros and cons of both financing options: both are good depending on the circumstance...My one cent

So part of BRRRR is the make sure you can actually execute the Refinance step. :)  Before you jump in to a deal, make sure you find the mortgage company you want to work with on the cash out refi, get pre-approved, and get some type of confirmation from them that they'll cash you out at the end.