This is a basic example of a cash out refinance after you have forced appreciation via a rehabNow if you pay cash for the property you can refinance immediately with new appraised value. 

Basically, I would like to make sure:1) I do not want to get in trouble/uprotected because some required clause is missing.2) I do not want to get in trouble/uprotected because there is a clause that does not need to be in the contract/agreement.I'll appreciate your experienced feedback.Thank you.

Even though it doesn't currently meet the bank's numbers, I could basically live there for free - and so it makes a very attractive primary residence option.

-with the personal & inspection items and pest stuff after you hammer out some broad stroke concepts in the LOI.  

It definitely Challenges baby boomer golden calf concepts, and I agree with many of the premisesHowever, it is a dangerous book, especially for young investors, because most of us were not born rich, and it creates the wrong mindset toward workPeavey

Basically I asked the seller for a 1% commission if I brought him a buyer (my partner).

There is a lot of info here if you do a search but basically you can get up to 75% of appraised value inside 6 months.

I am thinking about upgrading, but if the basic stuff that is supposed to work does not, I am leary of paying to upgrade.  

I realized that renting was basically throwing my money away.  

I did a little bit of googling but only found one source that basically stated that Texas is a non disclosure state, and I do not have to respond to this letter.