The part about the contract is particularly relevant, in that a contract is really about solidifying what is acceptable to both parties; sure, most tend to favor one or the other, but the bottom line is that both must agree to it, or it is non-binding.One issue with our situation is that he did a lot of work; the problem is, he was set to do the more expensive work (hvac, some more electrical, appliances, etc) last, so the final draws were still rather high, but they had to be bulk draws because you can't parcel out portions of an hvac system or things of that nature.

Any tips and advice would be greatly appreciated.I hope to return the favor when I gain some of my own experiences in the real estate investment world.

If you intend to wholesale, just do the rest of us a favor and stay off the MLS.

I have a great relationship with mine, so they provide me with some insight as a favor.

I have been learning about a way of investing wherein I can network with real estate agents and have them favor my offer in a short sale transaction. this is similar to the type that Bob Massey is involved in if anyone knows who he is.

You could still wholesale this to another investor if the ARV is very high(although from what I'm reading it might not be)and the repairs aren't going to kill anyone.Other than that the only thing is count your loses,learn from your mistake and move on to a more favorable deal.

I'd say the odds are in your favor that it's not going to be a huge issue and the lender will not call the loan due.

Guess I will forego that method in favor of a cash offer with no contengencies..REO property listed for 42,000Has been on the market for 40+daysPrevious Contract Fell through.Repairs 40,000-50,000ARV--- $120,000Offer---$25,000Non Refundable EMD XXX???

Justin - I 100% understand your formula but it is still a bit foggy since there is no examples of purchase price,20% down payment, repair cost, closing cost etc...My biggest problem still is understand were the points come in do these point ge charged up front as a good favor fee or is it subtracted from the loan amount.for example lets say $100,000 = A.R.V.

I've used them on a few properties and they always turn out to be more of a pain and don't work in my favor.