It is not a legal requirement to present proof of funds or even earnest money.Whether it is legal or not, most successful investors will drop the offer instantly and move on.

Regarding terms, I got to call the lender Monday to find that out.I'd like to mention that the reasons why I don't want to lose this deal is because the property comes with instant equity and also has an apartment attached to the house.The other option for me is to forget about this deal and buy out of state were I can pay cash for a house.Thanks for you imput Jon and If you have more advise for me I'm here ready to learn.

Haha, for those that don't know it's a celebration of the French burning down the castle (three times!)

In some cases if the building burns down you can't rebuild a duplex, you'd have to comply with the current zoning.

I'm assuming you are referring to fix/flip, so the countless variables that pop up during the fix stage will likely burn through most/all of your profit margin with cost and time overruns unless you are there to DRIVE the job to the finish line.A couple other options to consider, which may be more passive and might fit better for your situation - become a hard money lender, invest in notes/paper, be an equity partner with somebody you know/trust locally that can help drive the business in your absence.None of what I am saying is intended to discourage you.

That's part of my attraction to this dump, I could rehab it just how I want to and make a nice place, sort of targeting a younger to middle-aged professional crowd that has some extra money to burn.

I recommend buying homes with instant equity so that even in a down market you can sell and come out ahead.

Most 0% mortgages are less than rent by a significant amount.Find out what that reason is and see if it is okay with you (ie moving soon, bad credit, foreclosure, short sale, previous burn, professional tenant.....).

All instantly, day-to-day and can drop rapidly in 1 month.

And you are instantly getting 704k in equity!