This is a great strategy on paper, but can become a flawed strategy to execute very quickly and I personally know.

I just want to start learning and preparing now and maybe I can get my toes wet in 4-12 months.What I love about real estate is all the different options you have in executing deals.

14.Once you get past 5-7, things can get really hairy if you don't have a good support/office staff in place.

Nathan,Congratulations on jumping... you sound like you have a plan and the will/capacity to execute it.Your question regarding financing appears to assume that all of your deals will be financed via conventional financing means.

That would depend on the language of the contract you are using.If the contract states that you are buying AS-IS based on the property not materially changing between executed and binding signing date and the closing date or you have the right to terminate then you should be fine.If you had no due diligence,buy- as-is,and no material change clause built in then you are in a weaker position.The notice as mentioned you just fix the deficiency.Even if it is set to be condemned you can repair and avoid that.It all depends on how much money will be required to fix it and get cleared versus the purchase price and after repair value.People always get worked up over earnest money amounts.I think that isn't as important as non-refundable money.I would rather have 10k non-refundable EM than 40k with a ton of loopholes where the buyer locks the property up and back out.The higher EM amount is worthless then to the seller.No legal advice.

I had Suntrust for years, NIGHTMARE, staff in same location differ on handling transactions not to mention across locations.

One additional piece to what Brian Burke wrote is to including in your offer "Earnest money to be provided by certified funds within 48 hours of mutually executed contract."

My Realtor also got her signature on a "Contract to enter into a lease of Real Property" form which reads: "DEFAULT: If tenant fails to perform any of the promises on this Contract, the deposit paid or agreed to be paid by Tenant may be retained by or for the account of Landlord as agreed upon as liquidated damages, consideration for the execution of the Contracts, and in ful settlement of any claims, and Tenant shall be relieved of all obligations under this Contract."

To All,
For those that have hired a project manager, how have you structured the position?
What is the total salary range for this position?
Have you done salary or salary plus commission or all commission?
What kind ...

Perhaps my execution is different than yours.