So I'm guessing I can't just put $1m of my own cash down right?

@Brett O'Neill since you are in roofing I am guessing that you are either pretty handy yourself or have a good network of construction professionals.

I suspect Sacramento is not close to being out of Bay Area people with 20% down moving to the area and looking to optimize by buying a multi (guess how I'd know...). 

I guess four if you count the basement. 

There are a cornicopia of things you can put in that contract... why guess at what they want when you can ask?

My guess is they had tons of letters coming in with offers.

I'm guessing they did or at least we are beyond that.

I guess buying a REO you have to assume the previous owner was an idiot unless there is evidence to the contrary.Although desirable, trying to "take back" the land would be petty and impractical, but I don't want this issue hanging over a future sale, or possibly being a liability issue for me. 

I was going to ask you what your experience with a jumbo loan was since I've only read about them, but it looks like they increased the jumbo loan amount to 647K recently so I guess you just fit into the new limit (nice). 

As for paying out commission splits, I guess we do it the old fashioned way.