Hi William, What price point are you targeting for this purchase. 

Properties there are being snapped up at near ARV prices.  

If you brought a bad deal because you brought on emotion, learn to take emotion out of the situation and research the numbers more to know what is a good deal and what isin't.Look at the past sales(90 days) of the area that you are interested in buying.Understand what is a good price per square foot and know what streets are good / bad.The wealth in real estate are made when you buy and when you hold.If you buy bad, it makes it a more difficult process.Best of luck

Not the first won't be the last.This will depress home prices as people liquidate their STR's in the area.

Only turnkey properties which I rent for 1% to 1.5% of the purchase price.

It is a newer hill top build in an older neighborhood with a 500-700k price range.

Approximately what % of sale price do GC's make?

It is built very nicely and currently being rented for a pretty good price.

Question:  If you still go with the buyer that put the memorandum on the property, do they have to honor the price of the original contract that they put the memorandum on?

I kept track of the properties another investor bought and they have had to lower the prices to flip it.