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All very good advice; but if you are willing to take a %2 cap, I have a bridge for sale.......
Seriously, write the same offer with a 72 hour right of rescission. He can give you notice he intends to rescind his acceptance, you then have a chance to remove the contingency sale. Nothing is permanently binding on either side that way.
But %2, I hope this place needs nothing and long term tenants are locked in; any unexpected repairs or vacancies and you will be writing a check each month.
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