Other than the reputation of submitting only low ball offers, no.

My question is once this document is drafted does it just need to remain on file or does it also need to be submitted to the secretary of state along with the Initial Report and Articles of Organization.I'm located in Louisiana and will be Organizing a Louisiana LLC. 

Most agents don't know what seller financing is, let alone will submit a seller financing offer for you.

I researched "cash flow quadrant" and switching quadrants is something that I would like to do as well. 

If not, ask both tenants to re-submit an application to rent so you will have a completed application on file. 

Later this month, I'll be learning how to lay wood/laminate flooring and I bought a book on basic electrical work so I can change out my own switches and plugs (something I've always been afraid to do).  

I did all of the demo and electrical work myself while working my fulltime nightshift job and helping my wife take care of our new baby.I had about half of the electrical work complete when I decided to take an evening off and go play a game of softball.This proved to be a bad decision when I broke my ankle and had to spend the next few weeks doing what work I could while rolling around on a mechanic’s creeper and trying to instruct my helpers on how to do the wiring.The next big challenge came during my “rough electrical” inspection when the inspector informed me that all of the drywall we busted out for electrical and plumbing would have to be brought up to current fire separation standards of 2 hours between commercial and residential units.This required a lot of research and I had to submit new plans which set my timeline back a few weeks and added some additional costs I wasn’t expecting.I was able to work through all of the set-backs and we had the first residential unit complete by August and all of the units were occupied by new tenants in October.All of the units turned out exceptionally well and I applied for my cash out refinance a few weeks ago.

So you have to submit the property or properties you want to buy and then close by 180 days.

It makes no sense that I could submit that stuff and they could just sit on the contract as long as they wanted to and then back out whenever they wanted to.Isn't there such a thing as offer and acceptance and the acceptance being inferred as conditional based on the docs being signed and earnest money being submitted within homepath's set time limit?

@Eric Hiam Depending on a few things (your interest rate, your Mortgage Insurance Premium, your Loan-to-Value, credit score, etc) you may not be sacrificing cash flow by switching from FHA to conventional.