My 3rd ACCEPTED OFFER:But NOT SO FAST

All that begging and pleading must have given me FAVOR...so here I am, on the precipice of yet ANOTHER GREAT DEAL that I have found, worked with my partner and submitted an offer to be accepted, and...IT WAS ACCEPTED..YAY, but there is still so far to go...

Let me tell you a little about it: Case Study

Barton Place Apartments
Has been on the market since 8/25/08. Last week REDUCED the price. (Seller motivated) to a cap rate that is under our parameters (8% cap rate)(Cap rate=net income/asking price). But worth sending an offer on..YOU NEVER KNOW what seller MIGHT bite..we send an offer based on the getting a higher cap rate of about 11%. Knocked about 50K off their asking price.

My partner always says to me to start LOW and have them negotiate higher. So the offer was ACCEPTED right off of the bat. We are waiting for the seller to sign the LOI and fax it to my partner. So far, we only have to come up with 58+40K for closing and here is the kicker. WE HAVE NOT EVEN SEEN IT yet..

However, we STILL have about 30-60days to go before this closes, we will need:
1.A site visit
2.A property "due diligence" checklist
3.A business plan to submit for our investors
4.A signed contract-reviewed by a lawyer
5.Earnest money deposit or waived (10K)
6.1 or 2 investors(to come up w/90K) yes, truly NO MONEY DOWN
7.Closing and then 1/2 of the about 20K cash flow..if EVERY thing checks out is MINE every MONTH...(10K per month into my family's pockets..)

WITH this ONE deal, I could QUIT my jobs..STAY TUNED(we have seven more steps to go)......