As far as the contract goes, if he’s in breach which sounds like he is based off the way you describe it, and your contract states agreement is void if title commitment isn’t filed by day X.

Not necessarily a deal killer, but you will need to find a commercial lender willing to underwrite you based on global income, experience, etc, and you will not get a 30 year fixed rate mortgage.

To get a property under contract, the inspection contingency could be ignored based on the sellers most recent inspection of the property. 

View report*This link comes directly from our calculators, based on information input by the member who posted. 

I'm a real estate attorney and broker based in Orange County, but I only invest out of state. 

Hi @Matthew Simmons, our entire business is based on this model and it's what we do 95% of the time.If you're interested in learning how to build a business around this model, shoot me a PM and I can give you some things to check out.Hope that helps,Chris Pre

I put in a bid based off of Cash-flow and ROI metrics and was accepted at $170k.

My online businesses are currently completely based out of this house.

As an FYI there are lenders for auction properties that will loan up to 75% of the LTV based on a desk appraisal Closing takes about 7 days 

@Brian Alfaro We issue draws based on when the work gets done.