The broker highly suggested that we make the earnest money non refundable at some point in the process, or waive the financing contingency, but my partner in the deal (much more experienced than me) was adamantly against this, saying that we would loose all leverage in case of any misrepresentation/surprises discovered later on in the process.I was just informed today that the seller selected the other offer, mainly because they agreed to make the earnest money non refundable at the end of a short 7 day inspection period.I know that the story is not over till it's over, but I was wondering how common it is to make the earnest money non refundable at some point in the process (specially if your offer is financed and not cash), in a multifamily deal?

I'm very surprised more investors aren't using peer-to-peer lending since it funds quickly and beats the rates and interest of hard money lenders by a mile.

@Rick Fagan - Septic tanks and private utilities are so common at MHPs that I'm surprised your investors aren't comfortable with the possibility (unless those tanks are steel in which case they're probably rusted out...). 

I don't know much about their economy but given the size, I'd be surprised if it had much diversity in industries.

A mail person can tell you if a house is vacant, just not the name of the occupant.Watch how you pay for referrals make sure you're not paying in an agency relationship.You'd be surprised if you just start talking to people you meet, know anyone looking for a house or who needs to sell one?

You'd be surprised what you can work out with those types of banks. 

I've cold called property owners similar to ones I have been evaluating and you'd be surprised how helpful they can be.Keep in mind, though- the income that unit brings in is just one factor of many to determine if it is a good deal.

They will also want to see a few months of reserves in the in case you have some vacancy or surprise expenses.  

But don't be surprised when you get a letter from the state proposing a fine for fraudulent activity.

Rates do change and for that length of time I'm not surprised.