Also, for anyone based in Philly, I've heard from one contractor that quotes of 20-30k were common a few years ago, but due to recent rule changes, contractors need to maintain excavation licenses/ insurances to do any dig out work and that cost is getting passed to customers.

An option period is a specific timeframe that both parties agree to in which the buyer can terminate the contract for any reason without risking their earnest money.

After analyzing the deal further, estimating holding costs, realtor fees, monthly costs on hard money, estimating the worst case scenario of it taking three months to sell (average time here is 43 days), rehab costs, insurance, etc., I am pretty sure we need to pull out. 

From my research, the average closing cost of a single-family home in Texas is between 0.98% to 1.31% of the final home sales price.

DSCR is a better option on rates and cost compared to Fannie and Freddie loans.  

The reason for this is because there is a possibility for interest rates to expand and/or market conditions to soften.

It has a population of about 90,000, and it is a much higher cost housing market than Albuquerque (incl Rio Rancho).

These people are all trying to be someone they are not, someone they can't be, or are too lazy to become that person.There's a reason every new investor says they are stuck in analysis paralysis.

You can try to incorporate a seller concession to help cover closing costs and reduce cash to close.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.