Under no circumstances shall ---------------- or its employees and agents be liable to owner for direct, special or consequential damages, including but not limited to loss of use, loss of profit or claims for delay damages made by contractors or subcontractors." 

EVERYONE in real estate is looking to make a profit especially investors.

If not, I take the second applicant.So, and I have no idea if accepting the money created some sort of obligation, I would simply mail them a check for the money and a letter stating the applications have not been received so you cannot proceed with approving them. 

Any tips or tricks or is it simply luck?

You simply find a closet that’s large enough and slap a dead bolt on it.  

This is taken straight from creating a profitable marketing message from business training I am going through."

Selling now and then re-investing the profit is a tough decision to make because obviously we are going to end up buying high too.

Or is there something I am simply neglecting?

They are technically non-profits, which is why they can offer better rates.

Don't worry, I completely understand that any advice given on here is simply that, advice and not something that should be taken word for word, and yes we will be getting a hold of a lawyer and CPA to help us with all of this.