How do you navigate a seller asking for earnest money as part of an LOI for a self-funded search fund. Has this served as a deal breaker, if not, how did you navigate it?
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Consider this example, during DD you learn that the roof of a critical warehouse will need to be replaced in the next year or two. You have a 7 year lease and are responsible for all maintenance costs. You consider that an adjustment to the agreed upon LOI price and the seller disagrees. Even with an iron clad legal contract you'll have to go into litigation/arbitration. Now your money is locked up, your stuck with more legal fees - which if you can't pay too bad for your ED, and you've lost all that time and work.
This is way more complicated than buying a commercial or residential property.